I originally recommended the TAN ETF at $43.01 on 14 July 2020 as part of a larger quarterly report. From the the date of publication, we saw the price advance by +180% as it peaked above $122 in January 2021 before rolling over from February. This year the sector has trended sideways however there may be another opportunity on the buy/long side. We note the price developing a descending triangle (which can be both a bullish and bearish structure) where a break through the short term downward trend line would help a shift from 'neutral' to 'bullish'. We also note the price trading around it's 50-day moving average which has been trading broadly sideways for much of the year. Resistance is broadly around the $89 to $91 range however a close above this area would suggest bulls regaining short to medium term control. Failure of the potential bullish structure is a print below $80.00 while the upside target is a print of a at least $108.
Last: $86.11
Last: $86.11