Weekly Feature | Nasdaq Dorsey Wright

With no changes to any of the Invesco models this week, we look at the Invesco Solar ETF (TAN).

There are no changes to any of the Invesco models this week. While energy remains in underweight territory in the DALI sector rankings, renewable energy continues to show notable relative strength. After briefly falling to a sell signal, the Invesco Solar ETF (TAN) returned to a buy signal last week when it broke a quadruple top at $50, marking a new multi-year high for the fund. TAN has subsequently pulled back into its prior consolidation range, offering an entry point for long exposure. TAN currently has a near-perfect 5.94 fund score, which is 2.4 points better than the average for all and natural resources funds, and a positive 5.80 score direction.

With last week’s action, the fund has now established support at $47.50, with additional support afforded at $45. Year-to-date (through 11/7) TAN has gained 52.14% on a price return basis.

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DISCLOSURE

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