Keep an eye on oversold shares of Sunrun (RUN).
After a recent pullback from about $20.68 to a low of $12.29, it’s slowly pushing higher. It’s also starting to pivot higher from over-extensions on RSI, MACD, and Williams’ %R. From its current price of $14.33, we’d like to see it initially challenge $20.68 again.
Helping, “Solar energy stocks have been hurting in 2023 amid higher interest rates and alterations to adoption incentives in states like California. Coming off of 2023 headwinds, analysts are now expecting solar stocks to rebound on increased solar panel installations in 2024,” as noted by Yahoo Finance.
Plus, if the Federal Reserve does get aggressive with rate cuts this year, solar stocks, like RUN could see a good deal of upside.
In fact, according to Wells Fargo, as noted by CNBC, “Residential solar stocks are primed to rebound in 2024 with falling interest rates acting as the key catalyst, according to Wells Fargo. Analyst Michael Blum is more bullish on residential than utility-scale solar with the former poised to benefit more from the Federal Reserve cutting rates.”
