Scott can’t keep his eyes off these 2 Solar Stocks. $SHLS $ARRY – September 1, 2022
SHLS SPY QQQ ARRY
This is Scott with your Chart of the Day. I actually want to show you 2 charts, and I will be honest with you, I can’t stop looking at them.
The market has been brutal the last couple of days. As you see here on the SPY ( NYSEARCA: SPY ) we have had a huge drop right off that daily 200-period simple moving average. The QQQ ( NASDAQ: QQQ ) is very similar, it got close to the 200-day and then, whoosh, all the way down, back kind of near this support zone.
So while the market has been, blah, falling apart I keep looking at 2 solar stocks that are holding up okay. One of which is Shoals ( NASDAQ: SHLS ). While the market is falling apart Shoals ( NASDAQ: SHLS ) just kind of had a gentle test of its 21-day exponential period moving average here. And during that whole market downturn, this stock just went sideways. That is some pretty great relative strength.
Another solar stock is Array ( NASDAQ: ARRY ), which is very similar. It is just kind of holding in around that 21-day exponential period moving average. That is pretty clear support on this chart. You can even, on Array ( NASDAQ: ARRY ), draw a little bit of a downward-sloping trendline. And if then we have support around that 21-day, you can kind of see we’re building a bit of a flag pattern here.
On Shoals ( NASDAQ: SHLS ) it is more of a kind of short base, I guess. Because we have support at the 21-day and then we have clear resistance right here at right around 27.70.
So these are 2 solar stocks that I keep looking at in this market chop. And if the market does kind of turn up to the upside. I am going to watch to see if Shoals ( NASDAQ: SHLS ) can break out of this base and see if Array ( NASDAQ: ARRY ) can break out of this flag.
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