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Fan Yang

Further downside for solar ETF TAN

A couple of weeks ago, I was noting a possible inverted H&S brewing for TAN, a solar ETF. When we look at the daily chart, we can see that price action failed to break some key resistance factors, which would have otherwise indicated a bullish reversal attempt. Instead, it ended up being just a sideways consolidation, which is now giving way to further downside.

TAN daily chart 5/11

(click to enlarge)

As we can see in the daily chart, the failed bullish attempt is now lending way to a bearish swing that is breaking a common support around 21.50.

The next support pivot is 20.00, established in February. A break below that opens up the lows from 2013, 15.00 and 12.45. 

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