Stock Markets Analysis and Opinion

Have Solar Stocks Bottomed?

2024.02.08 03:36

Here is a thought from my Outlook 2024:

Environment – Solar shares didn’t have 2023. For 2024, we’re watching First Solar (NASDAQ:) ($FSLR), and the Invesco Solar ETF (NYSE:).

TAN new multiyear lo this week however again above the lows of Oct 2023-we are watching 4 an entry.

And so, we entered the ETF earlier than yesterday’s shut primarily based on a couple of technical components.

TAN-Daily Chart

First, I prefer to comply with my suggestions from the Outlook that I write in December when I’ve little bias in the course of the holidays. I simply wish to discover doubtlessly good trades.

Secondly, once I regarded on the weekly charts, I noticed that the final swing excessive earlier than the massive parabolic transfer in TAN in 2020 was precisely the place the present worth was.

Plus, that degree was examined and held a couple of occasions within the final week.

That provides us an excellent danger level.

Then, with the bullish response to Enphase earnings and the 13% transfer greater in SolarEdge (NASDAQ:), we acquired rewarded immediately.

What does the day by day chart inform us now?

Looking on the Daily chart of TAN, we are able to decide quite a bit from the value, but additionally from our ACP plug-ins, featured on our web site in addition to on Stockcharts.com.

The worth is under the 50-DMA so the section is bearish.

The hole up at the moment confirms that the value motion simply above 40.00 might be a reversal backside within the brief time period or higher, for an extended time.

We will look ahead to a transfer above the 50-DMA as an excellent signal {that a} greater transfer is coming.

The calendar vary tells us that TAN may need reversed above the January 6-month calendar vary low (purple horizontal line). That too is a dependable reversal sample.

The Leadership in opposition to the benchmark underperforms , however not by quite a bit.

Momentum or Real Motion tells us that there’s a slight bullish diversion between momentum and worth. TAN’s momentum sits on the 50-DMA, whereas worth is an efficient manner under that 50-DMA.

Overall, this sector, if bottomed out right here and mirrors 2020, may transfer as much as 57 space (the 200-DMA) and better, which provides TAN an excellent danger/reward.

ETF Summary

  • S&P 500 (SPY) 490 help
  • Russell 2000 (IWM) 195 pivotal, 190 help to carry
  • Dow (DIA) 385 pivotal
  • Nasdaq (QQQ) 425 help to carry
  • Regional banks (KRE) 45 help
  • Semiconductors (SMH) New all-time excessive
  • Transportation (IYT) Now, should maintain 266
  • Biotechnology (IBB) 135 pivotal -like this sector however has extra to show
  • Retail (XRT) 70 again to close time period help

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