Here’s my take on the solar sector, including $TAN $ARRY $FSLR $SEDG $ENPH – December 14, 2022
TAN HLGN ARRY MAXN SHLS RUN CSIO UKS NOVA SEDG ENPH SPWR FSLR ENRG
I want to look at solar today. I think IBD flashed a buying opportunity today, I’m not exactly sure what their criterion is, as far as what a buying opportunity is, but it definitely got my attention.
I just went to look at this, it will take a minute or two is all. We’ve got this tight consolidation here, it is getting tighter all the time. As I see it, the trading range, right now, is really just in this range right there. You really need to see it break out, you really need to see it break out above that level.
Perhaps that will happen, but as is typically the case, you are not often going to see the actual ETF be the best way to trade. The sector that the ETF is devoted to here is the solar sector, what I wind up doing is, I track a lot of ETFs.
It is kind of a lazy person’s way to keep up with the broader market. Because if you look at the ETFs, then you say, Oh, that one looks really good. Then it is really easy just to look at the holding and with a click of the mouse you are able to zoom right in on the stuff that works.
So for example, TAN ( NYSEARCA: TAN ), a solar ETF, the things I think about, the first one is First Solar ( NASDAQ: FSLR ). Then I think of Enphase ( NASDAQ: ENPH ), and then SolarEdge ( NASDAQ: SEDG ), and Array ( NASDAQ: ARRY ). There are a couple of others in there as well.
Those are the things that I think about, but I will go over here and pop this out, boom, and now I get 18 items. Now, some of these are crap. If a stock is trading at $.71 it is probably not anything that I am particularly interested in. But I will go through the entire list just to see what’s looking good.
I see the solar ETF, okay fine, that looks good, Array ( NASDAQ: ARRY ), looks better. This one ( NASDAQ: MAXN ), is definitely something to keep in mind. This one ( NASDAQ: SHLS ), nope, ( NASDAQ: RUN ) looks okay. You can see some of these are really setting up to where they look like they could work.
Canadian Solar ( NASDAQ: CSIQ ), no, not yet; ( NYSE: JKS ), definitely no. NOVA ( NYSE: NOVA ), maybe not right now, SolarEdge ( NASDAQ: SEDG ). We just keep going. Enphase ( NASDAQ: ENPH ), I’ve had this for a while. SPWR ( NASDAQ: SPWR ) or SunPower ( NASDAQ: SPWR ), no.
First Solar ( NASDAQ: FSLR ), we’re in kind of a sideways phase here on this stock so I am not looking for huge things from this here. Let me put it this way, I don’t think the sun is going down here. I think it is just going to drift along the 50 for a while.
I could go through the rest of them but I am not going to. The thing is, with a solar ETF, we like this, ( NYSEARCA: TAN ) I like that, I like Array ( NASDAQ: ARRY ) better. This is a really nice move today on heavier-than-average volume. A breakout, I believe above this last high here, which is 23.50, 23.84, so we are $.34 above this last high here.
And so, yes, I think Array ( NASDAQ: ARRY ) is the deal. Going through all of this; everything else, I like Array ( NASDAQ: ARRY ) better than First Solar ( NASDAQ: FSLR ), better than SolarEdge ( NASDAQ: SEDG ), better than Enphase ( NASDAQ: ENPH ). Give me Array ( NASDAQ: ARRY ) or don’t give me anything at all.
Free Chart