TradingView
rudcharts
Oct 14, 2023 3:57 PM

RGR 10/14/2023 Short

Sturm, Ruger & Company, Inc.NYSE

Description

RGR

Daily chart analysis

RGR experienced an uptrend between March and August 2020. The uptrend was broken in August, leading to a sideways market / distribution stage that persisted for the next two years until August 2022. Following this, the price broke down from the sideways market, entering a downtrend with a sharp move down and finding a bottom at the end of September 2022.

A pullback occurred after the breakdown, lasting throughout Q4 2022. The price pulled back to the previous support area, attempting to turn it into resistance and continue the downtrend. Since the pullback, the price has been consolidating in the form of a descending triangle throughout 2023.

Currently, the price sits at the resistance area of the descending triangle. Concurrently, there's an 'overbought' signal on the stochastic indicator, and the price is under the 200ema.

RGR is presently in a bearish pattern (descending triangle), at a resistance level with an 'overbought' signal, and the previous trend was/is downward (price under the 200ema). These factors collectively suggest a high probability for a short trade.

Entering trade short

Entry: 54.34
Stoploss: 57.27, -5.39%
Target: 40.11, +26.11%, 4.84 RR ratio

Comment

Love the after hour price action. Tomorrow will be a good day

Comment

Beautiful! TA at its finest.
Comments
MyCryptoParadise_Nathan
looking like kind of a bearish flag & pole, Other mentioned insights are great bro. Thanks for sharing it with us
muhammadasim230
look at fundamentals look at war who is investing in this stock then you know why its pumping.
rudcharts
@muhammadasim230, my only focus is on the technicals.
Looking at the chart, the stock is not bring pumped. On the contrary, this company hasnt done much but go sideways and then down the past 3 years. Im expecting something near a 30% drop in price.
More