Wind energy stocks continue to outperform the broader market as WTI oil prices remain high. The First Trust Global Wind Energy ETF (FAN) provides diversified exposure to wind energy using primarily international stocks and exhibits positive momentum in both absolute and relative terms. ETFs appear to be on the verge of a new positive technical catalyst that should sustain their momentum. FAN has a cyclical, long-term uptrend that is supported by our long-term indicators. The monthly MACD reflects positive long-term momentum growth as FAN approaches resistance from the 2021 high near $26.10. Long-term overbought conditions form in response to strong momentum and are more likely to persist once a breakout occurs. A breakout would generate a measured move prediction of approximately $29.50. FAN recently broke through its February highs, raising the possibility that it will break above its 2021 highs in the coming weeks. Medium-term momentum is re-accelerating, with weekly stochastics showing a bullish ‘pop’ supporting a breakout. The trend relative to the S&P 500 Index (SPX) is positive. Initial support for FAN is currently defined near the February high of $24.60. CWEN accounts for approximately 2% of the FAN ETF due to its wind energy offerings. CWEN benefits from the same macro tailwinds as FAN and shares a similar technical setup. After falling back in February, CWEN rebounded in March and is currently nearing final resistance from the 2022 highs near $41.80. If CWEN breaks out, the long-term measured moving target would be around $48.30. Support is defined by the recent peak and trough near $36.90. Compared to SPX, CWEN confirmed a long-term base break, with its ratio hitting an eight-month high earlier this month. This breakout signals a long-term bullish shift and suggests further outperformance for CWEN versus SPX in the coming months. Overall, the technical backdrop supports further performance from wind energy, with both FAN and CWEN well positioned for a breakout to new highs. — Katie Stockton with Will Tamplin Get free access to Fairlead Strategies research here. Disclosure: None. All opinions expressed by CNBC Pro contributors are solely their opinions and do not reflect the opinions of CNBC, its parent or affiliates, and may have been previously disseminated on television, radio, the Internet, or another medium. This content is provided for informational purposes only and does not constitute financial, investment, tax, or legal advice or a recommendation to purchase any securities or other financial assets. The content is general in nature and does not reflect your unique personal circumstances. The above may not be appropriate for your particular situation. Before making any financial decisions, you should strongly consider seeking the advice of your own financial or investment advisor. 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