Looking at the technical picture of the iShares Global Clean Energy UCITS ETF (DNRG) on our daily chart, we can see that after a sharp reversal in the beginning of March, the price is now forming higher highs and higher lows, while running above a short-term tentative upside support line taken from the low of February 24th. Currently, the ETF is stuck near the 200-day EMA, but it continues to show willingness to move further north. However, in order to get a bit more comfortable with further advances, we would first prefer to wait for a break above the current highest point of March, at 12.450.
A break above that barrier would confirm a forthcoming higher high, potentially attracting more buyers into the game. DNRG could then rise to the 13.156 obstacle, or to the 13.820 zone, marked by the high of November 25th. The ETF might stall there for a bit, or even correct back down. That said, if the price remains somewhere above the aforementioned upside line, another push higher could be possible. DNRG may then travel back to the 13.820 hurdle, a break of which could set the stage for a move to the 14.326 level, marked by the high of November 12th.
The RSI and the MACD are pointing higher. In addition to that, the RSI remains above 50 and the MACD continues to float above zero and the trigger line. The two oscillators show positive price momentum, which supports the scenario mentioned above.
Alternatively, if the price breaks below the previously discussed upside line and also falls below the 11.512 hurdle, marked by the inside swing high of March 7th, that could open the door towards lower areas. The ETF may drop to the 11.000 mark, or even to the 10.532 zone, marked by the low of February 25th. If the slide continues, the next possible target might be at 9.500, which is the lowest point of February and the current lowest point of March.
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