TAN Bullish Opening Trade Signal – March 14, 2022

View TAN Trade

Strategy Details

Strategy: Put Credit Spread

Strategy Direction: Bullish

Details: Sell to open April 22, 2022 $74/$66 Put Vertical @ $3.32 Credit

Trend Continuation Signal: This is a bullish vertical spread trade on the a ETF that has a bullish 1M trend.

1M/6M Trends: Bullish/Neutral

Technical Score: 6/10

OptionsPlay Score: 92

Entering the Trade

Use the following details to enter the trade on your trading platform. Please note that if there is a multi-leg option strategy, it should be entered as a single trade. 

Investment Rationale

Our bullish DailyPlay today is the Solar Invesco ETF (TAN). TAN is an ETF that has strong exposure to companies within the solar industry. The rationale behind this bullish play comes down to sharp moves higher in oil and electricity prices that has reignited interest in solar energy. From a technical perspective, price has recently formed an inverted head and shoulders pattern and has also broken above the $68 support level with strong momentum. This provides evidence of further upside ahead with the next major resistance level at $100.