If we are going to find a trade that is not following the recent up and down churn of the market, we have to look at the most logical areas of the market to spot them. We have been talking about clean energy and EVs a lot this year and for good reason. Between the rising energy costs, the incentives, and the rising popularity they are one of the few areas of the market that has any kind of tailwind at all.
Some of the clean energy trades we have looked at continue to get over sold and are ripe candidates for a break out, but one of those seems to have found support and is more likely to pop.
We took a look at IDRV, and ETF that tracks EV stocks, a couple weeks ago (see the article here) and it is doing what we noticed it was forming a bottom that showed some solid potential.
We see that it did break above the 10 day moving average and the MACD has continued to cross and signal a buying opportunity.
These momentum signals are often strong alerts to great trades. If you are looking for some of the best performing momentum set ups, check out Joe Duffy’s Little Black Book. You can get it here for free.
Keep learning and trade wisely,
John Boyer
Editor
Market Wealth Daily
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