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.