Ren find a top at 25 July 2019.
Since then, it keep going down and down and down.
Even if the fundamental seems strong in ren, this price correction is brutal and it doesn't seem to stop.
If i learn something in those two years of trading, it's to never try to trade against the trend so if you seek a long term entry, i don't believe it's there.
We still have three area of value on the 4 hour chart.
360
345
320
And it's not outside the realm of possibility that we revisit them.
Yes, Ren did have some bounce but every bounce got rejected quite fast.
The downtrend is still powerful and there is no sign of reversal.
The RSI on the daily just entered the lowest zone , even lower than May 2019 but the bollinger bands still show us some room for volatility (320 sat with this dynamic support)
Capitulation is not far but not already there.
In the same time,Ren offer many opportunity to daytrade those tiny bounce, i took many profitable trade during this downtrend but stop loss must be tight.
This idea is for those who seek some good swing opportunity on weekly timeframe.
Since then, it keep going down and down and down.
Even if the fundamental seems strong in ren, this price correction is brutal and it doesn't seem to stop.
If i learn something in those two years of trading, it's to never try to trade against the trend so if you seek a long term entry, i don't believe it's there.
We still have three area of value on the 4 hour chart.
360
345
320
And it's not outside the realm of possibility that we revisit them.
Yes, Ren did have some bounce but every bounce got rejected quite fast.
The downtrend is still powerful and there is no sign of reversal.
The RSI on the daily just entered the lowest zone , even lower than May 2019 but the bollinger bands still show us some room for volatility (320 sat with this dynamic support)
Capitulation is not far but not already there.
In the same time,Ren offer many opportunity to daytrade those tiny bounce, i took many profitable trade during this downtrend but stop loss must be tight.
This idea is for those who seek some good swing opportunity on weekly timeframe.