Tesla Powers Up, But Clean Energy Stocks Are Stuck In Death Cross Rut
Tesla Inc. (NASDAQ:TSLA) has been riding a wave of mixed fortunes in 2024. The electric vehicle giant is down more than 19% year-to-date, but recent gains of about 3% over the last month have offered some respite.
The company’s second-quarter earnings report on July 23 brought a glimmer of hope. Revenue hovered at around $25.5 billion — a modest 2% increase year-over-year — beating Wall Street’s expectations of $24.73 billion, according to Benzinga Pro.
However, Tesla’s earnings per share (EPS) told a different story, falling 43% year-over-year to 52 cents. They missed the Street’s consensus estimate of 62 cents. Despite the earnings miss, the stock found a technical lifeline, forming a Golden Cross on July 29.
Chart created using Benzinga Pro
A Golden Cross occurs when the 50-day moving average crosses above the 200-day moving average, signaling a potential bullish trend. This pattern has sparked optimism among investors, suggesting Tesla could be poised for a rebound.
While Tesla is basking in the glow of its Golden Cross, the broader clean energy sector isn’t faring as well.
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Enphase Energy Inc. (NASDAQ:ENPH), a leader in energy management technology, is down 15.69% YTD and teetering on the brink of a Death Cross.
Chart created using Benzinga Pro
This bearish signal, where the 50-day moving average falls below the 200-day moving average, indicates potential further declines.
Blink Charging Co. (NASDAQ:BLNK), another key player in the EV space, is also struggling.
Chart created using Benzinga Pro
With its stock down 35.49% YTD, Blink is rapidly approaching a Death Cross, casting a shadow over its short-term prospects.
The iShares Global Clean Energy ETF (NASDAQ:ICLN), which tracks the performance of clean energy companies worldwide, has already succumbed to a Death Cross, reflecting the sector’s broader struggles.
Chart created using Benzinga Pro
The ETF is down 8.54% YTD, signaling that clean energy stocks face an uphill battle despite Tesla’s technical rebound.
As Tesla powers up with its Golden Cross, clean energy stocks remain stuck in a Death Cross rut, highlighting the sector’s contrasting fortunes.
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