***Note: TAN: Long 1/2 position 29.99 (Average price now 28.70) See reflected new position below.
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Existing Position: TAN: Long 28.70 (average price from original entry at 27.42 and 29.99) ATR: .90 (expanded)
Name of Instrument: Guggenheim Solar Energy
Current Price: 29.71
***New Sell Stop: 28.33 for the whole position
Reason For Trade: Volume patterns have been uniquely big. Since December 2nd, the average daily volume has increased up to 6 times the norm. With oil’s decline, TAN has stayed under pressure, but has not broken down beneath November lows. The 2015 low made on September 29th is our risk now as I want to give this enough room for a buy/hold type trade. To risk 4 ATRs is not typical, but the room is necessary so we can give it time to see if the recent volume spikes are indicating a true bottom. As a megatrend, I have no doubt solar energy is the future. As a tech trader, if the bottom holds, we will have a huge winner taking first profits at nearly 8 ATRs away. If Tan can clear 50.00 in time, I see no reason why it can’t go to 100-120 next.
***REACHED!! First profit target sold ½ 32.25
Second Profit Target for ½ off: 31.40
Third Profit Target: 38.49 for another ½ of the remaining balance
