TAN - TAN: Solar Stocks Slump To Key Support As Rates Jump
2024-04-16 03:19:12 ET
Summary
- Energy stocks have performed well, but renewable energy stocks like the Invesco Solar ETF have not seen the same success.
- TAN has sharply underperformed the S&P 500 over the past six months, and shares have reached a pivotal support point.
- Trading at less than 16x earnings, the rate-sensitive space is threatening to make lows going back to July 2020.
- I highlight key price levels to watch as earnings season heats up.
Energy stocks have been very strong performers in the last six months. Up 10% from mid-October 2023, the oil & gas space accelerated to become the year-to-date sector leader so far in 2024. Often, rising energy prices is good news for renewable energy stocks, but that has not been the case lately. The ETF performance heat map below illustrates that the Invesco Solar ETF (TAN) remains stuck in a rut, though the fund has not breached its 2023 nadir....
TAN: Solar Stocks Slump To Key Support As Rates Jump