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The Invesco Solar ETF (TAN) Is Pulling Back, Watch This Level

The Invesco Solar ETF (TAN) has been one of the best performing ETFs in 2020. This popular solar ETF had an amazing run high in 2020, especially as the polls showed that Joe Biden was in the lead to win the presidential election. Recently, the ETF did get overbought and started to decline as President Trump caught up in the polls. Now the election is over and the markets are awaiting a final result to see who won the office. At this time, the odds are favoring that Joe Biden will become the 46th president of the United States. This election decision is very favorable for the Invesco Solar ETF (TAN) longer term.

At this time, the $60.00 level is very solid daily chart support for TAN. This is where the popular solar ETF broke out of a one month base in September 2020. Often, prior breakouts will be good support when retested. There is also an important weekly chart gap fill which should serve as excellent support around that level. I will be looking to own the Invesco Solar ETF (TAN) around this key support area.

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