Renewable Energy Companies Trade below 100-Day Moving Averages
Iran Is Ready to Talk to Saudi Arabia: Can Oil Gain?
Moving averages
As of February 9, 2016, FuelCell Energy (FCEL) is trading 40% below its 100-day moving average. In comparison, SolarCity (SCTY) is trading 24.3% below its 100-day moving average. SolarCity fell by 5.7% as of February 9. It closed at $26.35. As of January 26, SolarCity was trading 15.7% below its 100-day moving average.
SolarCity has been trading in a narrow range of $30–$35 for the past few weeks. Since January 14, 2016, the stock hasn’t been able to close above its 100-day moving average. On February 5, it fell below the price range of $30–$35.
As of February 9, Plug Power (PLUG) was trading 24% below its 100-day moving average. EnerSys (ENS) was trading 32% below its 100-day moving average. The Guggenheim Solar ETF (TAN) and the Market Vectors Global Alternative Energy ETF (GEX) were trading 21% and 10%, respectively, below their 100-day moving averages as of the same day. Meanwhile, the PowerShares WilderHill Clean Energy Portfolio (PBW) was trading 13.1% below its 100-day moving average.
FuelCell Energy was trading 6% below its 20-day moving average. As of February 9, FuelCell fell by nearly 2.4%. In comparison, SolarCity was trading 21% below its 20-day moving average on the same day.
Wall Street analysts’ consensus estimates
Wall Street analysts’ consensus estimates suggest an upside of 131% for these four renewable energy companies. Over the next 12 months, FuelCell Energy and Plug Power could rise by 246% and 83%, respectively, from their current levels. EnerSys could see a 46% rise and SolarCity could see a 149% rise over the next 12 months.
For more analysis, visit Market Realist’s Energy and Power page.
Browse this series on Market Realist:
