Send me real-time posts from this site at my email
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)

- 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.

Welcome! Is it your First time here?

What are you looking for? Select your points of interest to improve your first-time experience:

Apply & Continue