The Canadian Technician

Renewable Energy Shines

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Renewable Energy Is Accelerating

With all the pressure on the electric automobile, companies are racing to get products to market. In the background, there is also a race to get the power generation up. Some of the nicer charts in the space are breaking out.

The chart is beautiful! The SCTR has been in the top ½ of the chart for 2 years now. Looking at the purple relative strength ratio compared to the S&P 500, you can see it has been outperforming for a while. The price action is stepping away from the base now. The PPO indicator is also pointed north, moving up to a nice high level.

Sunnova Energy made an initial public offering little more than 1 year ago. The company makes batteries and solar panels. The chart looks superb as it is breaking out of the 8-week consolidation. All of the indicators are pointing higher.

Vestas Wind Systems has been around for a long time! The renewable energy cycle has been an on/off cycle for many years. In July, the stock really started to run as governments worldwide promised money for green energy.

If you would like to keep up on the electric car theme, you can get a complete list of the 29 transportation companies I am following at this link (Bit.ly/Schnell_EV). I will be adding more names into this list over time.

If you would like to watch the complete video reviewing some of these names, you can find that here with my special Market Buzz episode "The Move To Electric".

The Move To Electric

There have also been names like First Solar (FSLR) that recently pulled back. This one looks nice.

I'll be doing a couple of presentations in October. Let me take a moment to describe them.

I'll be speaking at 10:00 AM ET at Summit.Wealth365. This has a huge collection of great speakers and the tickets are free. It goes on all week! Click on the link for a free ticket!

CSTA

The Canadian Society of Technical Analysts (CSTA) has an all-day presentation coming very soon.

Tom McClellan will be presenting with me. I invited Tom to speak with me in Banff, Canada 9 years ago. We have been friends ever since with a warm phone call or a lively discussion when we get the chance. I am excited to have Tom present to those who can spend the time with us all day. Tom's work on advance/decline is terrific.

I've also invited Andrew Cardwell. Andrew has probably done more work with the RSI indicator than anyone since Welles Wilder created the indicator. If you use the RSI, or would like to understand the indicator, this is outstanding to get to learn from the general.

Yes, I'll be speaking too, but we have a total of five speakers. Head over to CSTA.ORG to sign up for an online technicians day, October 17th, 2020!

P.S. Lots of good ideas in this renewable theme. Stay tuned for more!

Good trading,
Greg Schnell, CMT, MFTA
Senior Technical Analyst, StockCharts.com
Author, Stock Charts For Dummies


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– Email at info@gregschnell.com

Greg Schnell
About the author: , CMT, is a Senior Technical Analyst at StockCharts.com specializing in intermarket and commodities analysis. He is also the co-author of Stock Charts For Dummies (Wiley, 2018). Based in Calgary, Greg is a board member of the Canadian Society of Technical Analysts (CSTA) and the chairman of the CSTA Calgary chapter. He is an active member of both the CMT Association and the International Federation of Technical Analysts (IFTA). Learn More
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