The Invesco Solar ETF (NYSE:TAN) is getting close to a level that has been support. That means it may be a good time to buy.
Support is a large group of buyers who want to pay the same price for a stock. In this case, it’s $82.
At support levels, there is more demand for a stock than there is supply. That’s why sell-offs end when they reach them.
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Over the past two months, every time TAN dropped to $82 the buyers overpowered the sellers and a rebound followed.
TAN is getting close to this level once again and there is a good chance that it rallies.