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Fan Yang

Key Resistance for Guggenheim Solar ETF (TAN)

Guggenheim Solar ETF $TAN is at a key resistance around $25.50. Failure to push through might result in loss of confidence and could end up dragging TAN back into consolidation/correction mode. 

TAN Daily Chart

(click to enlarge)

Confluence of Projected Resistance:
- There is a bunch of resistance around $25.50.
- First, this is a previous resistance pivot from Nov. 2017.
- If we project the falling support, this is also where a falling resistance meets price.
- Finally, the RSI is around 60. If it holds under 60, the market is probably still in this bearish correction mode because it would suggest maintenance of the recent bearish momentum.
- The fact that many might see resistance here suggest that if it breaks, price can climb fast towards the previous high, which was around 26.70.

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