ICLN - Clean Energy ETF - sector analysis, long setup
ICLN is setting up well on the monthly charts.
Points for consideration:
1. Price above 20 Day, 20 week and 5 month MA. This should act as a nice support zone
2. 200 Day Moving Average right above us that could act as potential resistance.
3. RSI is crucial zones and positive structure
4. Break above 200 Day MA will be seen as very bullish on daily/weekly close basis
Other ETFs in the same Clean Energy space are as below
1. PBW, TAN, CNRG, ACES, PBD,ICLN, QCLN, SMOG, FAN, NLR, GRID
2. Except NLR and GRID, all the others are below their 200 Day MA.
3. All the above ETFs have shown recent strength and above their 9 day and 20 Day MAs
From a sector ETF Relative Ranking Perspective, these are my current Rankings on relative strength basis (as on 15th Oct 2021 business close basis) and this is dynamic with price changes
ETF Name Ticker Strength Score Rank
iShares Global Clean Energy ETF ICLN 60.00% 5
Invesco WilderHill Clean Energy ETF PBW 20.00% 8
Invesco Solar ETF TAN 100.00% 1
SPDR S&P Kensho Clean Power ETF CNRG 90.00% 2
ALPS Clean Energy ETF ACES 80.00% 3
Invesco Global Clean Energy ETF PBD 30.00% 7
First Trust NQClean Edge Green Energy Idx Fd ETF QCLN 70.00% 4
VanEck Low Carbon Energy ETF SMOG 40.00% 6
First Trust NQ Clean Edge Smart Grid Infra Idx ETF GRID 10.00% 10
First Trust Global Wind Energy ETF FAN 20.00% 8
Will be preparing my views on the top 5 ETFs in this space based on the above relative strengths and will link them for your views and observations
Stocks to look for currently in this sector are as follows
1. RUN
2. JKS
3. PLUG
4. BWEN
5. SEDG
6. ENPH
7.TPIC
8. FSLR
9. FCEL
10. EVA
11. REX
12. AY
13. ORA
14. TPIC
15. EVA
16. CVA
AQN is currently showing a potential for downward break below its 52 week low, while TPIC, EVA and CVA are very close to their 52 week high
Interesting sector, has been all around the place so far.
Points for consideration:
1. Price above 20 Day, 20 week and 5 month MA. This should act as a nice support zone
2. 200 Day Moving Average right above us that could act as potential resistance.
3. RSI is crucial zones and positive structure
4. Break above 200 Day MA will be seen as very bullish on daily/weekly close basis
Other ETFs in the same Clean Energy space are as below
1. PBW, TAN, CNRG, ACES, PBD,ICLN, QCLN, SMOG, FAN, NLR, GRID
2. Except NLR and GRID, all the others are below their 200 Day MA.
3. All the above ETFs have shown recent strength and above their 9 day and 20 Day MAs
From a sector ETF Relative Ranking Perspective, these are my current Rankings on relative strength basis (as on 15th Oct 2021 business close basis) and this is dynamic with price changes
ETF Name Ticker Strength Score Rank
iShares Global Clean Energy ETF ICLN 60.00% 5
Invesco WilderHill Clean Energy ETF PBW 20.00% 8
Invesco Solar ETF TAN 100.00% 1
SPDR S&P Kensho Clean Power ETF CNRG 90.00% 2
ALPS Clean Energy ETF ACES 80.00% 3
Invesco Global Clean Energy ETF PBD 30.00% 7
First Trust NQClean Edge Green Energy Idx Fd ETF QCLN 70.00% 4
VanEck Low Carbon Energy ETF SMOG 40.00% 6
First Trust NQ Clean Edge Smart Grid Infra Idx ETF GRID 10.00% 10
First Trust Global Wind Energy ETF FAN 20.00% 8
Will be preparing my views on the top 5 ETFs in this space based on the above relative strengths and will link them for your views and observations
Stocks to look for currently in this sector are as follows
1. RUN
2. JKS
3. PLUG
4. BWEN
5. SEDG
6. ENPH
7.TPIC
8. FSLR
9. FCEL
10. EVA
11. REX
12. AY
13. ORA
14. TPIC
15. EVA
16. CVA
AQN is currently showing a potential for downward break below its 52 week low, while TPIC, EVA and CVA are very close to their 52 week high
Interesting sector, has been all around the place so far.
Trade closed: target reached:
Price has made a great move up right on to 200 day Moving Average. This could act as resistance and how price reacts here will determine the next course of action. I think we could have some consolidation around these levels. Closing trade here with a nice 8pc gain in less than 10 days.
