This one looks like it may have been a pump. There was some amazing volume to start the 1800% gain and has ever since been lacking the valuable property. RECO has formed many patterns that could lead to %10+ trades, but due to the lack of volume, RECO is failing the patterns. From a technical analysis standpoint, there isn't one sign to say that RECO would go positive within the next month. Perhaps the company may be worth more than its current price, but looking at charts it appears as though this was all a pump and dump.
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- May be good long term - Lacking volume right now - Needs more traction - strong downtrend right now - no sign of + right now - the only standpoint to invest in this company would be the hope from their major oil findings in South Africa, not from charting/technical analysis. - VOLUME IS THE KILLER RIGHT NOW!
Lots of positive news lately so stock will be on a slow but sure uptick
Mullac_27
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@Jondas, yea, I am invested myself. Unfortunately at 12.50 a share, but I am invested. I believe wince we get some revenue rolling within the next couple years, RECO could be big!
Jondas
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@Mullac_27, Hang in there so much good news lately I think it will be $20+ by December. I was fortunate to get in early @ 70c and have not sold any.
Mullac_27
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@Jondas, wow! I wish I could have gotten in on 70c. Reco isn't showing much leeway right now in the negative side - any major move in the wrong direction could be quite detremental. I really have high hopes, and I hope to average down soon. I unfortunately have it at 12.50
ZaloRostam
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Any suggestion for the bottom for long-term entry that I like to have?
Mullac_27
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@ZaloRostam, there is support levels at $8.25, 7.81, 7.16. So if it were to break lower than one of these, it will likely have a fairly significant drop. So using your judgement, a buy near any of these supports may be a good idea.
nickdafox3
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@Mullac_27, and she hits 12 bucks. So basically everything said here was garbage. Charts are c&&p. Charts are maths. Stocks and the world out there are real. If Charting was real we’d all be billionaires as we could predict the future which you’ve just proved you can’t. Only about 50pc wrong value wise. Jeez.
Mullac_27
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@nickdafox3, it was lacking volume. And as I'm sure you know, with the recent allegations, the increase in volume was likely because of the German stock advertisers.
nickdafox3
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@Mullac_27, so nothing to do with them drilling for oil and finding it. Jeez. What are you guys smoking. It’s very simple. Get some land. Get a rig. Drill. Find. Such a disappointment for you conspiracy theorists.
nickdafox3
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@nickdafox3, maybe it’s being pumped and dumped by mr burns in his cellar while drinking goats blood.
Or maybe they are drilling for oil.
A or b. Let’s ask the community