Solar ETF sees best day since June, but one trader says it needs to break a key level to keep rallying

0 7
One level will make or break the recent rally in some solar stocks, according to Miller Tabak chief market strategist Matt Maley.The Invesco Solar ETF (TAN) has climbed nearly 12% since Monday and is on pace for its best week since March, as spiking oil prices draw investors back to alternative energy trades. Tuesday was its best day since June, with the ETF notching a 5.5% gain.But Maley said Tuesday on CNBC's "Trading Nation" that the ETF needs to break above its 200-day moving average of around $89.47 to continue its comeback. He also noted that TAN has held a key support level around $77 per share."It's always great when you get a nice support level that holds several times, follow that with a higher high above that 200-day moving average," Maley said. "That'll give it the kind of upside momentum that hopefully will help it play catch-up a little bit with the rest of the energy sector."The ETF rose slightly Wednesday to about $86.60 per share. Zoom In IconArrows pointing o
Subscribe or log in to read the rest of this content.
Leave A Reply

Your email address will not be published.

At The Centre of Every Trade