WEEKLY VIEW:
TAN is at historical support on the RSI (21) on the weekly chart and the daily chart has bullish divergence. This level converges with channel support and a 71.8% fib level. All that is needed is for price to show us a weekly or daily sign to confirm my analysis on solar in the weeks to months to come.
DAILY VIEW:
For three months, I've been waiting for TAN for show some bullish divergence and come to the bottom of the channel at support levels, and this is what I got. So, I entered!
The monthly chart shows no signs of a reversal yet, but from the looks of the daily chart, if this is really support, as I think it is, then the monthly chart man end up forming a doji; or better yet, a hammer. I hope to be in this trade for several weeks to months should this work out.
Target is still the same with a 3-to-1 risk/reward ratio at the current price on a weekly chart. I am aiming for $53 to $58.
ALTERNATIVE VIEW:
It may turn into a "W" bottom as a friend has noted:
**Notes: I don't plan on holding beyond my stop. I anticipate a green day per my view.
TAN is at historical support on the RSI (21) on the weekly chart and the daily chart has bullish divergence. This level converges with channel support and a 71.8% fib level. All that is needed is for price to show us a weekly or daily sign to confirm my analysis on solar in the weeks to months to come.
DAILY VIEW:
For three months, I've been waiting for TAN for show some bullish divergence and come to the bottom of the channel at support levels, and this is what I got. So, I entered!
The monthly chart shows no signs of a reversal yet, but from the looks of the daily chart, if this is really support, as I think it is, then the monthly chart man end up forming a doji; or better yet, a hammer. I hope to be in this trade for several weeks to months should this work out.
Target is still the same with a 3-to-1 risk/reward ratio at the current price on a weekly chart. I am aiming for $53 to $58.
ALTERNATIVE VIEW:
It may turn into a "W" bottom as a friend has noted:
**Notes: I don't plan on holding beyond my stop. I anticipate a green day per my view.
Capturing the swings of the stock market & currency market. It's a dirty job and equity/currency traders must do it.