novvoll12
Long

TAN $45.83: Completes a monthly bull flag breakout

AMEX:TAN   INVESCO SOLAR ETF
TAN
40 0 1
tan
TAN extended the strong rally off the 31.77 low (January 20, 2015) to break above a 12-month falling channel (from March 2014 high), completing a bullish flag pattern on the monthly chart and triggering further gains towards 51.07 (March 7, 2015 high). Clearance above there would confirm a higher base and accelerate the uptrend towards 53.00 ( 50% retracement of the 93.40/12.60 fall) and then 62.53 ( 61.8% retracement ).
Near term, 42.18 (March 10, 2015 higher low) and the 200 day moving average currently at 38.42 are immediate support levels (not shown on the monthly chart).
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