 Hey guys, what is going on? It's Brycat23 here with Xtrades. Today, we're going to be going over another detailed ticker analysis. This time, it's a bearish setup that I like with TAN or the Invesco Solar ETF. So one thing that I do like about this setup is even if you don't want to play 10 or you're a little more bullish on solar in the near term, when you see something bearish at an industry level, you can take a look within that industry and look at essentially stocks within the industry that just have a more bearish setup or stocks that have been underperforming relative to the industry. And you can look to play the setup that way as opposed to playing a bearish setup on Invesco Solar ETF. And the same applies for the market in general or other industries. So again, this is my thoughts on TAN, the Solar ETF, but you can again take a closer look within the industry and see if there's a setup, a similar setup that you like more that has confluence with the short term bearish bias. So kind of going into it, I already talked about my bias a little bit, but just to dive into it more, really what we have here is a month, month and a half long bearish rising wedge that's been forming. So obviously I have those denoted here with this rising trend line resistance and this steeper ascending trend line support. So again, these are typically seen as bearish because even though we have a strong rising support, we're unable to keep up that momentum. The buyers are unable to keep up that momentum relative to the sellers, which is why they aren't able to make these essentially the same magnitude jumps off of this support. So seeing that the jumps of lesser magnitude off of support shows weakness relative to this steeply sloping support zone. So once you do break through that support zone, if it does happen, there is usually a pretty good sell-off where the buyers have really just been exhausted by this uptrend and are totally worn out and the sellers finally enter or people start to exit their loans at that point and look for other trades. But at any rate, definitely looks to be a rising wedge. On top of that, we have a nice strong and healthy downtrend that led into it. So it's nice to see that and kind of have some confidence in the fact that this is going to go in the same direction that our previous trend was headed in. So we had a strong downtrend and even though this is consolidating upwards, it has confluence with the direction we were trading before. So we went from a strong downtrend to this consolidation pattern, which is inherently bearish. So having the bearish expectation going forward, it's nice to see the bearish trend heading into this consolidation pattern. So really like to see that. So I have a few other notes in terms of price estimates and expected moves, but also some key levels that I think we should watch out for. And we can talk about the timeframe a little bit as well. I do think that there's a good chance that we break out of this wedge before July, honestly, just because again, unless we get above this like 83-4 level, it's going to be getting really tight with this trendline support. So I think that there's a good chance that if we stay below 83-4 that we're going to end up breaking down and selling off below this trendline support. So that's kind of really what I'm expecting. So it's on a pretty heavy watch for me kind of heading into the next week and up to two weeks essentially, as long as we stay below that 83-4 price level. So really what we have here, again, we base these price targets off of essentially the height of the trend based on the first touch of resistance and the first touch of support, which I have mapped around $79 and $69 respectively. So that puts our height of this trend right around $10. And so that in line with our percentage meeting price target, which for these rising wedges is usually like 60 to 65%, really puts us at a potential move of around six to six and a half dollars. And again, this is the expected move to the downside if we do get a breakout to the downside. So it all depends on if we're able to break trendline support. And if that happens, then there's a pretty high likelihood that we do make a nice move to the downside. And my expectation for that move just based on data and historical price trends would be about $6, which also has confluence with our previous touch of support. So our first kind of touch of support was down here right around this $69 range. And then our next support bounce came right around 75. So this is actually where if we broke out, you know, a little bit later this week and fell out right around this 81-82 price area, the $6 move that we imply would bring us right into this 75-76 price area, which is an area where we would likely see some buyers start to enter if they haven't entered sooner. So this is definitely where I would start to kind of definitely be exiting a position if I did enter one. But ultimately, this is my like full price target based on the pattern and based on just our price target and the bounce that we saw within this trend. I like kind of targeting bounces within the trend and second and third bounces within the trend for these price targets as opposed to just kind of assuming that it's going to break through all of these levels without any sort of resistance, which is highly unlikely. So that's kind of why I like to tier my price targets based on areas where we have seen changes in price and this 75 price area is definitely one of them. So that's why I have that as my price target, again, based on that $6 per potential move and assuming a breakout right around 81. So that, again, another situation that we're looking at is we could see a little bit of a little bit of a bounce or a little bit of choppiness if we do get a breakout in this 79 price level. So the reason being here is this was an area that we gapped down to. So this is definitely an area where it previously acted as a resistance area and in the interim it could absolutely act as a support and currently it has confluence with a 20 day simple moving average, which is this kind of orangeish yellow line. And you can clearly see, even though it's not a huge amount of data we're looking at, but you can clearly see that this area is sensitive to price. So when we're trading above that, it usually will act as a support when prices are trending. So you can see we're trading above it and it kind of acted as a support here before we made another move higher. And then even when prices retrace downwards along this trend line support, this dynamic moving average definitely helped to bolster prices up and hold this trend essentially. So I think that this 79 price level will kind of be another tricky area to break where we could see a small short-term bounce or a little bit of consolidation before continuing downwards. Again, because this is clearly an area where prices have been sensitive, we rejected previously here, we gapped down here, and it has confluence with a dynamic moving average, which prices have definitely been sensitive to in recent history. So 79 is definitely a key area to watch as far as I'm concerned. And then beyond that, we should be able to make some pretty swift moves towards that 75, 76 price level. And then in terms of actually watching this breakout happen, we have a horizontal support that we need to break and that should break pretty much as soon as we break out of this trend. And once that support level is gone, we should definitely see some good selling pressure. And that's that this 81, 6, 81, 5 price level that I have labeled here as horizontal support. So we obviously had this area as an area of resistance kind of within trend. And once we broke out on pretty heavy buying volume, prices actually retraced and consolidated off of this zone. So you can clearly see that it was previously acting as a support. Then in the near term, it was quickly acting as a resistance. And now, since we got above it with some high volume, it's acting as a support zone again. So once we do kind of retest this trend line support and the horizontal support, if we break out of again, either one of these, there's going to be heavy selling pressure. And I expect both of them to fall at the same time. So this is that first area where I would definitely look for a potential trade once we get below this 81, 70 price level. And then again, I would expect some nice selling pressure and a pretty quick run towards that 79 price level. And from there again, we could potentially see a bounce and some consolidation. So again, that's an area that you might have to watch out for. But then below that 79 price level, I really would like to target that kind of 75, 75, five price level based on again, the height of this trend that we're really dealing with. So I think overall it's a really nice setup. It's a really healthy looking setup. And I think that, again, you can take this and you can look for a potential trade in this, or you could take what you know here for this, for this Invesco Solar ETF and go and apply it to other trades in the industry and say, I know that there's weakness in solar. Where can I apply that? Where I like this setup a little more or where there's a stronger risk to reward trade off. So that's kind of my spiel on tan. Again, really healthy looking setup in my opinion. I'm going to keep a bearish bias as long as it's within this trend and it's below this 83 for price level. So thank you guys so much for watching. And I hope you enjoyed the video. If you guys have any questions at all, please let me know and just feel free to leave a comment down below. So thank you guys so much for joining. And I hope you have a great day. Thanks so much. Bye.