Reverse Cup and Handle formed broke out and went up.
Now there is a Rounding Bottom (V shape) and the price is showing strong demand still.
7>21>200
RSI>50
Target 1 remains at R460.00
ABOUT THE COMPANY
Reinet Investments S.C.A. is a Luxembourg-based investment vehicle founded in 2008.
The company was created after a restructuring of the Swiss luxury goods...
Reverse Cup and Handle has formed on the daily chart.
The price broke above the brim level, and since then has made higher lows.
There are other indicators showing upside to come including.
7>21>200
RSI>50
Target 1 = R460.00
CONCERNS:
The price action is very volatile and jumpy. This is not conducive for trending and breakout trading systems as there can be...
A bullish harami pattern has formed at a strong support level on JSE:RNI . This is a strong bullish signal and coupled with the strong support level, I think we could see a nice move upwards towards the resistance at around the 29000 level.
Although not confirmed yet, JSE:RNI is looking like we could be in for a downward move sometime soon. The MACD and EMA's are yet to confirm to the move, but the price has broken through the 200SMA which could indicate a change of trend. Keep an eye on this for confirmation of a short position.
I alerted a short possibility on JSE:RNI on the 21st of October with this idea - , and although it went in that direction for a couple of days, a doji formed followed by a strong bullish engulfing candle which could possibly be signaling a long position. If it breaks higher than today's price action so far, I will consider entering long.
JSE:RNI has been showing some strong bearish momentum the past couple of days and if it breaks through the support level that it is currently pushing through, I will consider a short position towards the lows of the initial COVID-19 lockdown around mid March.
JSE:RNI is currently trading in the middle of a sideways channel. If it breaks through the last fractal, we could possibly see a move towards the top of the channel.
A potential long position can be taken on the Reinet Investments share (RNI) on the daily timeframe. Price is currently in an advancing stage (uptrend) and the buyers are willing to buy at higher prices as evidenced by the ascending triangle pattern, where we see some higher lows. Traders must be aware of potential retracements to the trendline, and therefore it...
