Solar Stocks Are Showing Relative Strength On A Weak Day
Ivaylo Ivanhoff | May 16, 2018 12:51AM ET
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Being up when almost everything is up is not a big deal. But being up when the majority of the market is down is something to pay attention to. This is exactly the current situation of many solar names.
I have little doubt that a lot of solar’s recent strength is related to the rise in crude oil, but the sector has other catalysts going for it. Last week, California announced that starting 2020 every new building needs to have a solar roof. The solar sector rallied hard on the news. The last few days were spent in a sideways consolidation, which is a sign of accumulation.
Both First Solar Inc (NASDAQ:FSLR) and SunPower Corporation (NASDAQ:SPWR) are currently looking constructive on multiple time frames.
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