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Sunrun snaps 3-week winning streak: Can the stock continue its RUN?

Shares of the largest residential solar and battery storage provider in the U.S. Sunrun (NASDAQ: RUN) stock traded with a bid tone for the entire last week, with some weakness seen only on Friday. Can the stock continue its RUN?

Sunrun snaps 3-week winning streak: Can the stock continue its RUN?

Shares of the largest residential solar and battery storage provider in the U.S. Sunrun (NASDAQ: RUN) stock soars more than 35% in the last 3 weeks. While on Monday, the stock dropped almost 7% from the previous week's highs. As of this writing, the stock trades at around $28.80.

Sunrun is a provider of residential solar panels and home batteries in America. They currently provide over half a million homes with clean energy and allow homeowners to pay for the power, not the panels.

Sunrun Q3 earnings review

Shares of the clean energy company breaks above $30 last week. The strong upside momentum was boosted by better-than-expected third-quarter financial results. The company reported quarterly earnings of $0.96 per share and revenue of $631.9M in the last quarter, up 44% from $438.8m for the same period in 2021. During the third quarter, Sunrun Installed 255.8 Megawatts of Solar Energy Capacity and added 35,760 customers.

"Sunrun continues to become faster, better, and stronger, delivering a quarter that demonstrates the financial value we can create for our customers and shareholders, leading the market and now serving over 760,000 customers” – Sunrun CEO Mary Powell said.

$RUN Technical outlook

The stock traded with a bid tone for the entire last week, with some weakness seen only on Friday. The technical picture looks solid after the stock found strong buyers again below $20. In the short-term, if the upside momentum continues the next immediate resistance area near $32/34.40. For the long-term, $34.50/35 remains the key resistance to watch, the bullish breakout of $35 is likely to push the $RUN into a new trading zone, which may offer further buying opportunities until $40 then $44. On the downside, $26.40 is the immediate support level, followed by $25. If the stock breaks below $25, the slump will quickly extend toward the $23.20/21 mark.

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