AbsS

REN Stock Long

Long
NYSE:REN   None
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2
Wyckoff Analysis:

Previous markup channel is obvious.

A: Not a huge increase in vol. after selling climax suggests reaccumulation.
B: Change of character suggests cause being built. Vol. decrease on SOS (sign of strength) and increase on dip ( spring ) gives away (re)accumulation confirmation.
C: Spring shows highest vol. signature.
D: Low vol. rally away from spring into BUI (backing up into ice)
E: Markup to begin.

Point and figure chart calculations place TP range between $56 and $62. The exact TP will be decided once the range is closed in on and I can see new consolidation forming.
Comment: Forgot to add above:

Entry expects some drawdown to fill gap between then and previous day.
Comment: Using point and figure charting, TP area has now been calculated. Potential retest line and volume peak on spring has been added for easier understanding.