Array Technologies stock just pulled back to a historically bullish trendline on the charts
Shares of solar tracker technology provider Array Technologies Inc (NASDAQ:ARRY) have slipped since touching Sept. 15, nearly two-year high of $26.64. In fact, ARRY has shed 12.6% over the last month, and is starting the fourth quarter down 2.4% at $21.67 at last check. While recent analyst attention on solar stocks could soon help lift Array Technologies stock, this most recent pullback could prove to be a boon if past is precedent.
Specifically, the stock has come in contact with a historically bullish trendline. Per Schaeffer’s Senior Quantitative Analyst Rocky White, ARRY is trading within one standard deviation of its 50-day moving average for the third time in the past three years. While the stock managed just one positive return on these signals, it bounced for a massive 32.1% gain. A move of similar magnitude from its current perch would put Array Technologies stock above $28.62 — levels not seen since April 2021.
It’s also worth noting that short interest represents 14.6% of the stock’s available float. It would take nearly five days for shorts to cover their bets, at ARRY’s average pace of trading.