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In the realm of solar stocks, last year was a challenging period, with the Invesco Solar ETF (TAN) experiencing a significant decline. However, recent technical indicators suggest a potential turnaround in TAN’s performance. With two successful tests of support near $41 and a counter-trend ‘buy’ signal from the DeMARK Indicators, there are signs of stabilization and a possible reversal in the making.
Our experts at Extreme Investor Network are closely monitoring the positive divergence between the weekly MACD and price in TAN, coupled with a breakout above the 200-day moving average. Additionally, the recent confirmation of a breakout to a new 52-week high by First Solar (FSLR) is expected to provide further support to TAN’s upward trajectory.
Looking ahead, the next resistance level for TAN is around $55, with a potential extension towards long-term trendline resistance near $65. These upward movements align with our indicators, suggesting a favorable outlook for TAN in the coming weeks.
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