Canadian Solar (CSIQ)

Feb 28, 2022Trade Ideas

Oil prices may have backed off from $105 yesterday.

But they could gush again soon.

For one, there’s uncertainty as to what happens next. Two, there’s growing fear Russia could respond to sanctions by curbing oil exports. With Russia the second largest oil producer in the world, that could cause some real headaches. Three, there’s even fear of World War III.

While oil stocks have gushed higher on the attack, solar stocks are gaining momentum.

Look at Canadian Solar (CSIQ), for example.

Oversold at double bottom support, the solar stocks is attempting to break higher. From a current price of $29.84, we’d like to see a near-term test of $36.

“Given the geopolitical events unfolding today that have raised energy commodity prices meaningfully higher (oil, natural gas, power) along with some increased investor belief energy prices may remain elevated it has renewed interest in clean energy stocks” wrote BMO Capital Markets analyst Ameet Thakkar to Barron’s.

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