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, 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 breaks 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. The Move To Electric.
The Move To Electric
There have also been names like First Solar that recently pulled back. This one looks nice.
Lots of good ideas in this renewable theme. Stay tuned for more.