On Monday, Sunrun gapped up slightly higher but profit takers came in which caused the stock to fall down to fill the gap, which may give bulls more confidence going forward. The dip was immediately bought and the stock shot back up and by mid-day Sunrun was attempting to pop over a resistance level at $59.95.
Eventually, Sunrun will need to enter into another period of consolidation because its relative strength index (RSI) is running hot at about 73%. When a stock’s RSI reaches or exceeds the 70% level it becomes overbought, which can be a sell signal for technical traders.
Sunrun is trading above the eight-day and 21-day exponential moving averages (EMAs), with the eight-day EMA trending above the 21-day, both of which are bullish indicators. The stock is also trading well above the 50-day simple moving average, which indicates longer-term sentiment is bullish.
Photo: Zybnek Burival via Unsplash
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