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Guggeinheim Solar ETF (TAN) Testing Key Support

Guggeinheim Solar ETF $TAN has been bullish from a low of about 16.50 to a high of 26.70. The latest correction swing brought price to just above 24.50, which is a key support.

TAN Daily Chart

(click to enlarge)

Key Support:
- The daily chart shows that around 24.50, there is a rising trendline.
- We also see the RSI around 40. If the market is still bullish the RSI should probably hold above 40.
Next Support, and the Bullish Outlook:
- A hold above 24.50 could be a sign that TAN is still bullish, and thus maintains a bullish outlook with upside above the 26.70 high. 
- We should limit the bullish outlook to the 32-32.80 area, which is a key support/resistance area. 
- However, if price dips below 24.50, it could gravitate towards the next key support around 22-23. On the weekly chart, we can see that this was another common resistance that might turn into support if the market is still bullish.
- If price does go down to 22, I would cut back on the bullish outlook to something like 28, just under the 200-week SMA. 

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