Solar ETF in bullish trend

Since late May TAN – the Invesco Solar ETF – has moved above its 10- 20- and 50-day exponential moving averages. In fact it moves along the upper Bollinger Band and has touched its 10-day exponential moving average only occasionally.

At the same time, TAN’s 20- and 50-day exponential moving average are both rising and diverging from each other, a sign momentum keeps its strength long-time.

The next obstacle for price to overcome is the blue resistance line at about 28.6.

The recent momentum weakness resulted in its MACD move close to its signal line, although MACD keeps moving in positive territory since early April.

As about the same time, TAN’s Relative Strength has moved above its rising 20-day exponential moving average.

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