Solar Sector Heating Up - Major Break Out in Canadian Solar!
The Solar sector has been unloved and in a downtrend for some time. The consensus view on the street is that the industry is commoditized and unprofitable, and therefore on the fast track to ruin. However the charts are telling us the sector is potentially setting up for a positive inflection. Canadian Solar (CSIQ US) had a major breakout last week, and is leading the positive dynamic. It is a great chart on a standalone basis (100% upside potential to previous highs), but other companies are now also looking to follow suit and commonality is growing. Jinkosolar (JKS US) snapped its downtrend and Enphase Energy (ENPH US) is testing major resistance. If these moves follow through, it will increase conviction that there could be a positive inflection taking place at the sector level as well. Invesco Solar ETF (TAN US) is the play for thematic exposure.
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