oldfolkie
Long

UPDATE OF REPEAT PATTERNS

BATS:REN   RESOLUTE ENERGY CORP
96 1 1
This is an update from last weeks chart where I identified some repeat patterns in REN from last year. This week it again repeated the Bull Flag and breakout as last time, and has now got to a resistance / consolidation area. I expect this to also repeat as Oct             19 options expiry will hold it around the $10.00 level (Market Makers do not like you to win). Some caveats on that would be if the Washington debacle gets settled it may break with the market.
Some differences from the last rounded bottom are: 1 - Daily volume has doubled during this one. 2. - The 200 day has flattened for a few months before it begins an uptrend. 3 - A two year downtrend line which previously stopped the last breakout has been short term breached, however that can be quickly negated. 4 - Option activity has increased 4 fold in the last two weeks especially in the Nov 10's. Lastly on September 24th Natural Gas             Partners filed a 13D form which means they have accumulated over 5% of the stock . It can indicate future takeover possibilities, however I would be cautious on that interpretation as it does not always indicate that.
Hopefully if the patterns continue to repeat we would be looking at the $11.20 to $11.50 level in the next month or so where last time it made a double top ( at the long term down trend line and fell back).
NOTE: Always use your own indicators and research to confirm any information others give!!
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