$VSLR (Vivint Solar Inc; NYSE: VSLR) broke out from a several month trading range last week, closing Friday above $10 for the first time since early December 2014.

In evaluating the price action, we can see from both the daily and weekly charts that the $8 level served as an essential support area, while the $10 level had been a formidable ceiling that finally was pierced on a heavy volume breakout last week following a positive earnings report.

The rising RSI signal over the past few months was an indication that $VSLR bears were losing momentum, despite the limited price range that the stock traded in; essentially, the bears were unable to take the stock much lower than $8, and this allowed for a prolonged period of accumulation of shares by the bulls.

Moving forward, the $10 level will now be one to watch on any pullback in the price. If the bulls can hold this, then I would not be surprised to see $VSLR push towards the $13 - $14 level in the intermediate term, assuming the $12 level can be overcome first.

The weekly chart shows that $VSLR has had a predominantly lackluster performance since its Fall 2015 IPO. However, the tide may be turning in favor of the bulls now; with a market cap of just over $1 billion USD, $VSLR is still valued far less than its solar energy peers such as $SCTY (SolarCity Corp.; NYSE: SCTY), which Wall Street currently values at around $5 billion.