dorfmanmaster

Solar Energy ETF - Death Cross

Short
AMEX:TAN   Invesco Solar ETF
Chart shows death-cross highlighted as a pink circle. The definition of a death-cross is when the 50sma crosses below the 200sma.
This technical pattern signals further downside.

The red horizontal level R1, is the bullish short-term target, if we can cross the 50 (orange) and 200 (red) moving averages, and revert the death-cross. However, unless we can stay above the mid-level (blue-line), that is unlikely happening..

S1 could be an important support around $58, as we see a couple of tests back in September 2020.

OBV shows lower lows, supporting the downtrend.