JSE:REN has had its share price suffer quite the beatdown since April 2022. Price has painted a clear and worrying Head and Shoulders pattern from February 2021 to date. Interesting developments however are keeping the instrument alive and invalidation of this huge H/S pattern could send the share price to levels never thought of before. Considering the recent...
A price action above 1830 supports a bullish trend direction. Further bullish confirmation for a break above 1910. The target price is set at 2010 (38.2% Fibonacci retracement level). The stop-loss price is set at 1730. Bullish divergence (see the lower panel) busy unfolding.
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
So much hipe in this stock during 2022, and for good reason with its helium and natural gas story. However, this is a high risk stock as it is still in its baby shoes. Technical sentiment indicates that we might see #Renegen price even lower. The downtrend in #Renegen share price is now trading on the right shoulder neckline of the head & shoulders pattern it has...
The stock has come back to breakout zone after rocketing towards the 200dma Its not looking bullish at all but will see how it reacts around these levels.
The price for Renergen has been in a downtrend since rejection on the upper resistance of the broadening wedge. Ideally price must find support at the lower support trendline in blue. This should give price a good bounce initially to more than R30 or some 40% capital gain where profit can be harvested leaving some capital invested with increased price action...
I expected REN to test horizontal support around R16 and for a while was looking like it was well on its way to do so, but has turned around quite sharply and decisively the last few trading days. It now looks like it is headed towards 25.50 - 26 where it should encounter its first real area of resistance again.
REN did some decent volume yesterday and closed above the 20ema. Putting it on the watchlist to see how this chart pans out in the next few sessions. Hopefully can hold the breakout level. Divergence was also indicating a possible retrace on the MACD.
Renergen has become a retail favourite since late 2020. I do not question the future potential of the company but the price over the last two years has been driven primarily by euphoria and speculation. The bear from the 4390 all-time high still looks strong on the downside and is well contained by a steep falling channel. There are no buy signals or reversal...
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...
I am Long Term Bullish on this Stock. I trust my Study comes true. Need to be patient. Enjoy.
Following on from previous post, Renergen did in fact break out and ran quite hard to just over R31. It has since pulled back and is once again in the buy zone. Happy to buy this R25 or below and hold for the longer term. Stop loss will still be below TL support. (Blue)
Renergen Still in Consolidation Faze on weekly chart after successful Cup and Handle Trade Move Bouncing on Resistance into Strength for Oil and Gas Move Higher
After the recent news that their Virginia operation is officially pumping helium, we saw a couple of nice spikes in the price. Two gaps in a row to the upside which suggests that investors are piling in and buying at just about any price they can get. More significantly though, for me, is the fact that the price has burst through the 50 day moving average which in...
Renergen has has reclaimed TL support (blue solid line) and is now back in the buy zone. To really get going, stock price needs to break the the blue dotted TL line to the upside as confirmation. Stop loss is a close below 23.
I am positive on energy innovation and the like, but I am also cognizant of the chart and price action. A possible bear flag structure is developing just below the share’s 50-EMA which could target the downside gap at 2970c. Short/sell trigger is a break and/or close below 3627c with a target of 3215c using a stop-loss of 3842c. Currently trading at 3670c. Note...
Renergen a strong bullish move at play breaking the 42 rand resistance a major push to the upside
Renergen bullish ascending triangle at play a move up is possible