Solar City Attempting To Clear Major Resistance

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

'' Solar City SCTY shares are trading higher by $1.13 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 TSLA is rallying as well. The issue, which has mounted a shar rally since bottoming on March 16 at $46.69 has reached a very importtant 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 hgihs coincide with its February $54.08, which represents the high before the issue swooned to $46.69. If Solar City can clear this level there is no identifiable resistance until its February 24 high of $56.50.