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Invesco Solar ETF (TAN) Hits a New 52-Week High

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For investors seeking momentum, Invesco Solar ETF (TAN - Free Report) is probably a suitable pick. The fund just hit a 52-week high, up roughly 64.8% from its 52-week low of $19.90/share.

But does it have more gains in store? Let’s take a look at the fund and its near-term outlook to gain an insight into where it might be headed:

TAN in Focus

The fund is based on the MAC Global Solar Energy Index, which is comprised of solar energy companies. It has 22 holdings. The fund’s AUM is $460.7 million and expense ratio, 0.70%

Why the Move?

The highest-ever solar installation and the exemption of tariff on one type of solar panels have supported the upside. Moreover, the solar industry has been growing on a rebound in global solar demand, competitive pricing and potential Chinese subsidies. Also, California’s initiative to make solar panels essential to all new homes built in 2020 and beyond is helping the solar industry.

More Gains Ahead?

Currently, it seems TAN might remain strong given a positive weighted alpha of 55.0.

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