The solar sector is filled with promise, but not necessarily profit at the moment. The solar exchange-traded fund (ETF) Invesco Solar ETF (TAN) is down 45.7% in the last 12 months, but are two of the funds' larger holdings ready to rally?
FSLR Testing Key Trendline
First Solar Inc (NASDAQ:FSLR) stock is down 2.6% to trade at $216.91 at last check, after a price-target cut from Baird to $307 from $344. The shares are pulling back from a June 12, 16-year high of $306.76, but the 80-day moving average looks ready to contain additional losses. So far in 2024, FSLR added 26%.
ENPH Cooling Off In Warmer Weather
Last seen down 1.2% to trade at $96.14, Enphase Energy Inc (NASDAQ:ENPH) stock is testing support at the $95 level, which contained pullbacks in December and January. The equity carries a 43.1% year-over-year deficit, and is today on track for a third-straight loss as it careens lower from its highest level since August.
Another Alternative Energy Stock to Monitor
NextEra Energy Inc (NYSE:NEE) isn't a part of TAN, but the company calls itself the "world's largest producer of wind and solar energy." NEE is up 0.6% to trade at $70.34 at last glance, struggling with overhead pressure from the 40-day moving average since taking a breather from its May 31, 52-week high of $80.47. Still, the utility stock sports a 15.4% lead so far in 2024.
Oversold Everywhere You Look
If there's a common thread between these three stocks, its their 14-Day Relative Strength Index (RSI). FSLR, ENPH, and NEE sport respective RSI's of 23, 16, and 27, all deep in "oversold" territory, indicating short-term rallies could be in the cards.
Before you make your next trade, you'll want to hear this.
MarketBeat keeps track of Wall Street's top-rated and best performing research analysts and the stocks they recommend to their clients on a daily basis.
Our team has identified the five stocks that top analysts are quietly whispering to their clients to buy now before the broader market catches on... and none of the big name stocks were on the list.
They believe these five stocks are the five best companies for investors to buy now...
See The Five Stocks Here
If a company's CEO, COO, and CFO were all selling shares of their stock, would you want to know?
Get This Free Report
Like this article? Share it with a colleague.
Link copied to clipboard.
