economy
Wind energy ETF technical catalyst could herald further gains, Katie Stockton says
FAN recently cleared its February high, which gives it a better chance of clearing the 2021 peak over the coming weeks.
TL;DR
- Wind energy stocks are outperforming the broader market due to elevated WTI crude oil prices.
- The First Trust Global Wind Energy ETF (FAN) shows positive technical momentum and is approaching resistance from its 2021 high.
- A breakout for FAN could lead to a measured move projection of approximately $29.50.
- CWEN, a component of FAN, is also approaching its 2022 high and shows potential for a long-term measured move objective of roughly $48.30.
- Both FAN and CWEN have confirmed positive relative trends against the S&P 500, indicating potential for further outperformance.