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Fan Yang

Guggeinheim Solar ETF (TAN) Continues to Look Bullish

Guggenheim Solar ETF $TAN has been consolidating after a bullish run in 2017. Just to reflect, it has rallied from a low of 16.45 at the end of December to a high of 22.77 in September. As we can see on the daily chart, price has been consolidating here since August. 

TAN Daily Chart

(click to enlarge)

Rounded Bottom:
- The daily chart looks like a rounded bottom.
- Price is still rounding out this bottom and has the 25.25 support/resistance pivot area in sight. 
- Even though price has been stalling under 22.77 since August, TAN still looks bullish on the daily chart.
- Price is above the 200- and 100-day simple moving averages. The RSI held above 40, which reflects maintenance of the bullish momentum.
- I think TAN is getting ready to push through 22.80 and push towards 25-25.25. 

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