Strong Trade in Solar ETF
by Mike Paulenoff
June 20, 2014 • 12:00 AM EDT
On Monday (June 16) of this week added the Guggenheim Solar ETF (TAN) as a short-term trade set-up at 41.89. TAN got as high as 44.53 on June 18, before retreating a bit.
The solar energy sector just might be entering a perfect storm: Backing by, and tax credits from, the Obama Administration, solar panel price compression, rising fossil fuel and electricity costs, and constant geopolitical threats to global energy output.
Overlay that with a technical set-up that suggests strongly that a major corrective phase off of the March 2014 high is complete ahead of the initiation of a new up-leg within the larger bull phase (in TAN) that began in November 2012 at 12.60.
See chart from Monday.
Mike Paulenoff is the author of MPTrader.com, a real-time diary of his technical analysis & trade alerts
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