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PreMarket Prep For April 17: Canadian Solar Finally Gets A Bullish Voice

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April 17, 2017 10:45 am
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Did you miss today's PreMarket Prep? Here are some of the highlights from the show.

Highlights And Key Technical Levels

The following are some of the stocks co-host Joel Elconin discussed on the show and offered technical analysis.

  • Abbot Laboratories (NYSE:ABT) needs to hold its current area. $42.39 was Friday's low and $42.33 is the current low and low of recent slide. Below that is February 2 low of $41.85.
  • Netflix, Inc. (NASDAQ:NFLX) has resistance at the $146 area, and the current high is $146.14. Resistance is at Wednesday's high of $145.74 the April 6 high of $146.25. There's support at Thursday's close of $142.92.
  • United Continental Holdings Inc (NYSE:UAL) is tracking Thursday's range from $69.07–$70.14. Keep an eye on the low from the recent passenger removal story of $68.36.
  • Also discussed was a tweetstorm from market watchdog and Nanex CEO Eric Hunsader, who commented on new exchange fees for real-time stock quotes in an SEC filing and guest appearances by Tommy Lackey and Gordon Johnson.

    Tommy Lackey’s Watch List

    Tommy Lackey, managing director and portfolio manager at Relativity Capital Advisors joined the show to discuss some stocks on his scans. These include Rent-A-Center Inc (NASDAQ:RCII) ("Kind of a look both ways play…I'd make it get over $11 before getting involved"),
    First Majestic Silver Corp (NYSE:AG) ("This is one I'd like to see back around the $9 level") and Horizon Technology Finance Corp (NASDAQ:HRZN) ("This is a big base here. I'd rather see it consolidate around the $11.20–$11.30 area. I'd like to see it cool off a little right here").

    Click here to listen to the full interview with Lackey.

    Gordon Johnson’s Canadian Solar Initiation

    Gordon Johnson, the managing director of Axiom Capital Management, also joined the Benzinga PreMarket Prep crew. Johnson initiated Canadian Solar Inc. (NASDAQ:CSIQ) at a Buy rating Monday morning and announced an $18 price target. It's the first bullish sell-side rating on the stock in over a year. According to Johnson, the maligned solar company is in a similar position to First Solar, Inc. (NASDAQ:FSLR) and SunPower Corporation (NASDAQ:SPWR) in 2012. Click here to listen to the full interview with Johnson, or click here to read a recap. 

    How To Listen And Watch

    PreMarket Prep is a daily trading ideas show with a focus on pre-market volatility and technical setups. You can listen live and chat with our hosts, guests, and listeners every morning from 8–9 a.m. ET here or on YouTube Live. You can listen to the podcast on iTunes, Soundcloud and Sticher. The full recording of today's show is available below.


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