BOX Formation has formed on Renergen. Also there is a rounding bottom.
The price has broken above the neckline of the Rounding Bottom but not the box form yet.
Once it does, we should get an easy indication that the market wants to head up.
The nature of the analysis is Medium probability due to
Price>20MA
Price<200MA
Target 1 will be to R21.82
Cup and Handle seems to now be forming on Renergen.
It seems like there is a change in the wind for the stock as last year we predicted a big crash which struck at R9.33.
And This time around, we're seeing a Cup and Handle form.
It's not exactly there yet and we do need a break above the brim. But when it does so, we will see the price go above 200MA and...
M Formation formed on Renergen. The price came down and hit the target at R9.33...
Now we had a bfreakway gap with testing at the low, which shot right back up. This is showing there is more buying volume coming in.
However, we aren't seeing any strong bullish signs yet. I think the price needs to consolidate and form a higher low, then we will have some form...
Since the analysis, we saw Renergen formed a Descending Triangle / Triple Top formation.
The price broke below the neckline at R18.30.
And in just two short months, it's been carnage for the market.
It's pierced the 9.33 target, and now we need to wait for a consolidation range before we predict where it is more likely to go.
I'm not buying this company...
Descending Triangle or M Formation has formed on the daily for the company.
The price has merely broken below which doesn't make ait a strong sell signal.
However, there are signs of further downside to come.
200>21>7
RSI<50 (Sell divergence)
Target R9.33
Rev Inv Cup and Handle formed on Renergen.
The price then broke below the Brim Level showing strong selling side to come.
Also on the Daily there is now a Symmetrical Triangle pattern When the price breaks it's likely to continue to the downside as the pattern si a continuation pattern by nature.
We saw strong downside to come from an even larger bearish...
Nie change in market structure with that V bottom recovery on RLT and a sweet break and gap up off the next line.
Already in a position but looking to start pyramiding orders on this pull back and trade the trend up.
first target around 2.26 but chasing the 2.80 highs by end of the year isnt out of the question which is over 100% from the v bottom.
