Reinet Investments (RNI, last close 41814c) may be approaching a medium term overbought range.
Here are 3 items to note:
Weekly chart shows price nearing upper boundary of channel (potential) resistance.
A 7-week RSI print above 85 is associated with 'high bullish momentum/approaching overbought' conditions. See lower panel on chart.
Notice that the share is also becoming extended vs it's 50-100 EMA range. Currently +28% above. The only other time that it was higher was in February 2020 it traded +31% above this level.
We could keep this on our watchlist for a mean reversion sell opportunity.
Initial buy idea 20 June 2022 at R273.
Here are 3 items to note:
Weekly chart shows price nearing upper boundary of channel (potential) resistance.
A 7-week RSI print above 85 is associated with 'high bullish momentum/approaching overbought' conditions. See lower panel on chart.
Notice that the share is also becoming extended vs it's 50-100 EMA range. Currently +28% above. The only other time that it was higher was in February 2020 it traded +31% above this level.
We could keep this on our watchlist for a mean reversion sell opportunity.
Initial buy idea 20 June 2022 at R273.