Lights Out For Canadian Solar

em>Joel Elconin is the co-host of

, a daily trading idea radio show.

Canadian Solar Inc.

shares are trading lower by $2.46 at $29.68 in Friday's session. There is no specific news to explain the sharp decline. The decline may be attributed to the overall weakness in the sectors in today's session. After fours range bound days between $31.77 and $32.94, the consolidation was resolved to the downside. Early in the session it failed to clear Thursday's close ($32.17), only reaching $32.07 before heading lower. Once the bottom of the range was breached the selling intensified as the issue continues to make new lows for the day. If the decline continues, there may be support at the series of four lows it made from February 26-March 2 between $29 and $29.38.