SolarEdge (SEDG) Price Action; Wedge Breakout
SolarEdge is a constituent stock of the TAN ETF, which has just confirmed the breakout from a double bottom formation as discussed here. The price action and relative strength in SEDG makes it the top pick for me in the sector.
As can be seen above, price has broken out to the upside from a declining wedge. The price target from this is the beginning of the wedge up at 70.74. However, as can also be seen, price first needs to clear overhead resistance which is being tested in early trading today.
The relative chart of SEDG vs TAN also shows that the downtrend has come to an end. If price can clear that horizontal resistance, this one looks set to run all the way up to that 70 price target.
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