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Fan Yang

Guggenheim Solar ETF (TAN) Maintains a Bullish Chart

Guggenheim Solar ETF $TAN turned bullish in the second half of 2017. After a correction in late November, it still looks bullish heading into 2018.

TAN Daily Chart

(click to enlarge)

Support:
- As TAN retreated from 25.50, we can see that there was going to be a cluster of support factors around 22.50-23. 
- This area includes a rising trendline and a previous resistance pivot. 
- Furthermore, the daily RSI was around 40 and if the market is bullish, it should stay above 40 - which it did.
- We might see some more consolidation as 24.25-24.50 represents a minor resistance (was a previous support area).
- But, I think the price action so far over the last few months signal a bullish push in 2018. 
- If so, I think there is upside to 32. 
- On the other hand, if price falls below 22, we might see some further correction towards the 19-20 area, which would be a deep correction. But even in this scenario, TAN could be developing a bottom, in which case the 32 area would still be in sight.
- The weekly chart shows a market that has rounded a bottom. Also the RSI pushed far above 70, reflecting the start of bullish momentum.

TAN Weekly Chart

(click to enlarge)

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