Analyzing the price chart for Canadian Solar has revealed a potential bearish engulfing pattern. Thus far today, Canadian Solar has traded 505,000 shares, vs. average volume of 706,000 shares per day. The company traded 666,000 shares yesterday. Heavy volume increases the reliability of this bearish candlestick pattern.

Canadian Solar Inc. designs, manufactures, and sells solar module products that convert sunlight into electricity for a variety of uses. The Company's products include a range of standard solar modules for use in a wide range of residential, commercial, and industrial solar power generation systems.

Canadian Solar has overhead space with shares priced $6.45, or 28.1% below the average consensus analyst price target of $8.26. The stock should find initial resistance at its 50-day moving average (MA) of $8.76 and further resistance at its 200-day MA of $11.26.

Over the past year, Canadian Solar has traded in a range of $5.61 to $17.63 and is now at $6.45, 15% above that low. Over the past week, the 200-day moving average (MA) has gone down 1% while the 50-day MA has declined 2.3%.