xtf_ze_trader

RBL trying to recover from the abyss

ASX:RBL   REDBUBBLE LIMITED
Redbubble has been pushed to the depth of the bear market but it looks like it is recovering. Should we cheer it up and say that the worst is over? Lets analyze:

Bull case:
Having upwards trend for the velocity
Epic volume on 14/04 which keeps pushing it high till now
RSI not overbought yet
A kind of double bottom
Closing a week on a green candle

Bearish case:
No fib level taken out and still below 0.236 fib
Below 50SMA

From this we can say that bulls have more chances but dont put your hopes too high before at least taking the 0.8 levels. After that we can enter a long position with a tight SL as this stock is used to reverse the course and stay bearish for days.

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