RenaissanceRe Holdings Ltd. (RNR) approaching significant long-term resistance, able to absorb monthly buying pressures.
From here (RNR) can fall back to channel support, eliciting losses of 20% over the following 2 - 3 months, and 40% over the following 5 - 6 months.
A weekly settlement below a near-term channel bottom would accelerate this process....
NYSE:RNR is right now in an interesting area .In fact after breaking above the white line (Which was Strong Resistance at the time) it pulled back on the white line. The white line and generally the green rectangle will serve as a support area .If RNR succeeds in an upcoming day to close significantly above the blue line (trendline) it would very likely continue...