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Trina Solar (NYSE: TSL) shares are falling this morning after the company reported a first-quarter profit of $12.9 million, or 51 cents per share. Despite beating analysts' estimates, TSL shares are dropping as investors seem to be looking at TSL's forecast for the coming quarter, when they expect operating margins to increase by as much as of 2%. If you think this stock won't be rising too far in the coming months, then it could be a good time to look at a bearish hedged play on TSL.

After hitting a one-year high of $73.06 in July, the stock hit a one-year low of $25.88 in March. This morning, TSL opened at $45.12. So far today the stock has hit a low of $44.67 and a high of $48.00. As of 12:05, TSL is trading at $45.65, down $3.98 (-8.0%). The chart for TSL looks bullish and steady up until today's drop.

For a bearish hedged play on this stock, I would consider a June bear-call credit spread above the $55 range. A bear-call credit spread is an options position that combines the purchase and sale of call options to hedge risk in case the stock doesn't do what you think but still leverage nice returns. For this particular trade, we will make a 4.2% return in two weeks as long as TSL is below $55 at June expiration. Trina would have to rise by more than 20% before we would start to lose money. Learn more about this type of trade here.

TSL hasn't been above $55 since December and has shown resistance around $51 recently. This trade could be risky if the cost of oil (and alternative energy) keeps skyrocketing over the next two weeks, but even if that happens, this position could be protected by resistance TSL might find around $51, where it topped out in May.

Brent Archer is an options analyst and writer at Investors Observer.

DISCLOSURE: Mr. Archer owns and/or controls diversified portfolios of long and short stock and option positions that may include holdings in companies he writes about. At publication time, Brent neither owns nor controls positions in TSL.