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Fan Yang

Guggeinheim Solar ETF (TAN) in a Bullish Breakout

Guggenheim Solar ETC $TAN has been in some choppy swings recently. Let's take a look at the daily chart, where the lastest bullish swing was able to break above a key resistance.

TAN Daily Chart

(click to enlarge)

Resistance:
- There was support/resistance pivot area between roughly 25.25 and 25.50.
- The market has been holding under this in February and March, but finally broke above it this week.
- The fact that price was able to clear above the moving averages, along with the fact that the RSI pushed above 60, shows that the market is likely back in a bullish mode.
- We can anticipate a push towards the 26.70 high.
- I think a viable target for the year will be around $31.75 to $32.75. We should also monitor price action around the 200-week SMA around $28.
- A test of 25, followed by a bounce off of it would improve the confidence for the bullish scenario.

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