Solar Sector Heating Up
As the bear market nears its' final stages, it is of the utmost importance to be on the look out for potential leadership in a new bull market. Solar stocks have been acting extremely well and are worth keeping a close eye on in my opinion.
Solar stocks have been on my watchlist for the last few months, with Enphase (ENPH) appearing to be the strongest stock in the strongest group. Fundamentally, ENPH has a consistent track record of delivering fantastic earnings and sales growth and is estimated to have a phenomenal 2022. Its' chart is just as impressive with a massive volume gap up earlier this year, followed by mostly constructive action. I opened a small position near the 23-ema as I was not sure if ENPH would pullback to its' 50-day line. I will be looking to add to my position should ENPH set up again.
The solar ETF TAN is also acting extremely well. I opened a position this week as it bounced off the 50-day moving average with volume coming in.
Other stocks in the solar sector on my watchlist include DQ, CSIQ, SPWR, and FSLR, with FSLR showing exceptional strength over the last two months. ARRY is also setting up quite well.
I will continue to monitor these stocks and other stocks in the solar sector for low-risk entry points in the coming weeks.
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Full Disclosure: I currently own ENPH and TAN.
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