Is FAN ETF Worth Becoming A Fan Of?

First Trust Global Wind Energy (ETF) FAN, looks to be breaking out on a weekly chart!

This made up of Companies in the index universe that are identified as providing goods and services exclusively to the wind energy industry are given an aggregate weight of 66.67% of the index.

Those companies determined to be significant participants in the wind energy industry despite not being exclusive to such industry are given an aggregate weight of 33.33% of the index.This weighting is done to ensure that companies that are exclusive to the wind energy industry, which generally have smaller market capitalization’s relative to their multi-industry counterparts, are adequately represented in the index.

The momentum is also supportive, as the RSI has made higher lows while price was flat to down. This price action is bullish in our opinion.

Let’s see if we can clear resistance on the weekly here.

This post was originally shared on Captain John's Charts