Tomorrow will mark Earth Day, an annual event in support of environmental protection. Befitting of this year’s theme “Invest in our Planet” in the charts below we check in on the performance of clean energy stocks via the iShares Global Clean Energy ETF (ICLN). As shown, ICLN has been stuck in a sideways trend over the past year with the 200-DMA essentially flat since the fall. At the moment, price is sandwiched between the 200-day and its 50-DMA. While time will tell if the 50-DMA provides any support, the past week has seen ICLN fail to break out of the downtrend off of last summer’s highs.
That downtrend also traces back even further to the early January 2021 high which was put in place following the massive run in clean energy stocks during the first year of the pandemic.
ICLN is comprised of a number of clean energy stocks from around the globe. In the snapshot from our Chart Scanner below, we show the ETF’s eight largest US-based holdings. As the ETF is trending sideways, these individual holdings’ trends are all over the place. For example, while Bloom Energy (BE) and Consolidated Edison (ED) are trending sideways, First Solar (FSLR) has been in a steady long-term uptrend. Conversely, Plug Power (PLUG) and Sunrun (RUN) have traded in steady downtrends for some time now with the former near 52-week lows.
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