Market Overview

SolarCity Attempting To Clear Major Resistance

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Joel Elconin is the co-host of Benzinga's #PreMarket Prep, a daily trading idea radio show.

SolarCity Corp (NASDAQ: SCTY) shares were trading higher by $1.13 (2.4 percent) at $53.90 in Wednesday's session. With no relevant news out on the issue, the rally may be a sympathy move as Elon Musk's other company, Tesla Motors Inc (NASDAQ: TSLA) is rallying as well.

Related Link: SolarCity And Tesla Have Closer Correlation Than Some Oil Stocks Do With Oil

The issue, which has mounted a share rally since bottoming on March 16 at $46.69 has reached a very important resistance level. After rallying to $54.20 on Tuesday, it has found resistance ahead of that level, only reaching $54.14 so far in today's session.

Those two highs coincide with its February high ($54.08), which represents the high before the issue swooned to $46.69. If SolarCity can clear this level, there is no identifiable resistance until its February 24 high of $56.50.

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