Green energy ETFs have skyrocketed during the whole 2020, they have all retraced back heavily due to massive take profits.
Do you really think after all the trillions put in the green economy and decarbonisation by US, EU and China is going down?!
Reversal incoming, great long term opportunity, start to accumulate now, DCA for all the year.
.. for a .04/contract debit.
Notes: In for .53/contract (See Post Below), out for .04 here; .49 ($49) profit per contract with 28 days to go. Will potentially re-up if implied pops up above 35%; it's dropped to 34.4% here ... .
Found support on the local Fibonacci Golden pocket.
Moved above the POC.
Closed above the 8EMA.
Volume increased as did the volume in many stocks within this sector.
Potential day trade / keep 21ema in mind.
No special chart here just an idea.
My simple brain is thinking that owning these three (ICLN, QCLN and PBW) would be like having your own ETF within an ETF with major funding behind them.
Here's my introspection:
I've been researching how government policies affect the markets. It gets pretty deep but recently I've noticed the copious amount of "green deal"...
ICLN had a major rebalancing, for the better or worse. I'm very happy with the removal of PLUG.
On the daily time frame, 200 SMA is acting as strong support. 4Hr shows the 50 SMA is resistance. The hype has died down very well. Looking at 2023 leaps and beyond.
F for all those who bought at the top with high IV. Your sacrifices will be in vain.
ICLN has created the three drives down pattern to the proper fib levels and is primed for a reversal to the upside. This would break the short term down trend and return back to the long term uptrend. Near 100%+ retrace of the last drive is common in such a set-up.
Last time on a Biden clean energy play...
I drew with my crayons. Hit my trendline target after having IV contract and volume die down. The only problem from here would be if ICLN continued to sell off. I kinda wanna save my money for other leaps, but clean energy at this discount is hard to pass up. Most of the high options volume I saw have been offloaded, but...
Based on wave count, momentum and fib price and time extensions, I'm thinking we can expect NASDAQ:ICLN to go down over the short term. Possibly to $28.66.
But... I have a hard time making this call because the uptrend seems so strong.
What do YOU think?