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).
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).
