Rana reached it´s peak in May which was it´s all time high. Note that the stock was noted a couple of months ago which makes technical analysis less predictable. However marked psychology still remains the same as it has ever been, and the analysis is therefore based on the Elliott wave theory.
The stock made a impulsive move in the period between March and May, making the first wave of the Eliott wave theory. Then after the stock dropped to the 0.382 fib level (which tells us this was a deep correcting wave.) and then made a bounce off of this level. The stock price is now in the range of a triangle pattern and i am expecting bullish continuation, which would signify the start of elliott wave 3; which is the most impulsive wave.
The bollinger Band With (BBW) shows us that the bands are squeezing. With this we can expect that the price will move faster in the near future, wheter that is to the downside or upside. Combining this with the volume we can see that there has been an decrease in volume, as well as a decrease in price; which makes for a bullish volume profile.
This is my first public idea, would appreciate any feedback :)
The stock made a impulsive move in the period between March and May, making the first wave of the Eliott wave theory. Then after the stock dropped to the 0.382 fib level (which tells us this was a deep correcting wave.) and then made a bounce off of this level. The stock price is now in the range of a triangle pattern and i am expecting bullish continuation, which would signify the start of elliott wave 3; which is the most impulsive wave.
The bollinger Band With (BBW) shows us that the bands are squeezing. With this we can expect that the price will move faster in the near future, wheter that is to the downside or upside. Combining this with the volume we can see that there has been an decrease in volume, as well as a decrease in price; which makes for a bullish volume profile.
This is my first public idea, would appreciate any feedback :)