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15 Jun | Day 48 – Portfolio Value £7,507 Down £124 On The Day

On a day when the FTSE finished sharply down, our portfolio provided a mixed bag.

We saw modest gains in Lloyds Bank (up 2.3%) and Ceramic Fuels Cells (up 3.0%) but these were more than offset by the continued retracement of ReneSola (down 5.8%) and the yo-yo-ing, Climate Exchange (down 4.9%).

After last weeks highs of 240 pence, ReneSola has come back to earth a little – closing today at £1.8675 – so I feel justified in taking profit north of two quid a couple of times last week. I think it has a little more left in this retracement before we see support, possibly around the 140-150 pence mark – a zone of recent resistance.

Stop the press! Just checked Renesola (SOL) on the New York Stock Exchange and it’s had a strange old day climbing 35 cents from $6.25 to $6.60 in the last half an hour of trading – possibly on the back of a buy rating from Lazard’s up from $4.00 to $7.00.

After that, you’d think ReneSola would open up in the UK tomorrow, and in a perfect world it just might, but I wouldn’t be at all suprised if we saw a fourth continous day of retracement. Nothing’s a given with ReneSola.

Taking a closer look at some ReneSola candlesticks from the past month, our chartists out there could point you to the beautiful morning star of the 10th June before uttering an all-knowing, “I told you so”.

If only I had as much confidence in my ability to plot the future using charts as I do to show the past – oh well!

Drop back tomorrow and I’ll reveal Investor Trader’s latest value-packed purchase.

Thanks again for dropping by.

Paul
rsvp@investorsoiree.co.uk