Wind energy stocks continue to outperform the broader market as WTI crude oil prices remain elevated. The First Trust Global Wind Energy ETF (FAN) provides diversified exposure to wind energy, using mostly international stocks, and exhibits positive momentum in both absolute and relative terms. The ETF appears on the verge of another positive technical catalyst that we think will preserve its momentum. FAN has cyclical and secular uptrends in place supported by our long-term indicators. The monthly MACD reflects positive and growing long-term momentum as FAN approaches resistance from its 2021 high near $26.10. Long-term overbought conditions are in place as a function of strong momentum, and they are easier to sustain when breakouts occur. A measured move projection of ~$29.50 would be generated upon a breakout. FAN recently cleared its February high, which gives it a better chance of surpassing the 2021 high over the coming weeks. Intermediate-term momentum is reaccelerating, and the weekly stochastics have a bullish 'pop' that supports a breakout. The relative trend versus the S & P 500 Index (SPX) is positive. Initial support for FAN is now defined by the February high near $24.60. CWEN makes up approximately 2% of the FAN ETF due to its wind energy offerings. CWEN is benefiting from the same macro tailwinds as FAN and shares a similar technical setup. After a pullback in February, CWEN rallied in March and is now approaching final resistance from its 2022 high near $41.80. If CWEN breaks out, it would generate a long-term measured move objective of roughly $48.30. Support is defined by recent peaks and troughs near $36.90. Relative to the SPX, CWEN has confirmed a long-term base breakout, with the ratio hitting a new eight-month high earlier in the month. The breakout marks a long-term bullish shift, suggesting CWEN will see additional outperformance versus the SPX over the next several months. Overall, the technical backdrop supports further outperformance from wind energy, with both FAN and CWEN well positioned for breakouts to new highs. — Katie Stockton with Will Tamplin Access research from Fairlead Strategies for free here . DISCLOSURES: None. All opinions expressed by the CNBC Pro contributors are solely their opinions and do not reflect the opinions of CNBC, or its parent company or affiliates, and may have been previously disseminated by them on television, radio, 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 BUY ANY SECURITY OR OTHER FINANCIAL ASSET. THE CONTENT IS GENERAL IN NATURE AND DOES NOT REFLECT ANY INDIVIDUAL'S UNIQUE PERSONAL CIRCUMSTANCES. THE ABOVE CONTENT MIGHT NOT BE SUITABLE FOR YOUR PARTICULAR CIRCUMSTANCES. 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