Reinet has move in a slight uptrend since Nov 2020 and has hit resistance around the 29200-29300 levels five times. If it continues to challenge this level and breaks it, 32200 and 33000 could come into play. Slow mover this, but a good addition to a diversified long term portfolio.
Look at the stable TSP over the last couple of days. Might support internal strength in the price action.
Lack of streak in the volume remains a concern.
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.
Reinet has been undergoing markup after accumulation (See posts below). Now price has reached the overbought line of the upward stride and it is time for a pause.
- Trend is up on the daily and the weekly TL has been tested
- Price has broken our of a small consolidation
- A daily close above R309.20 could see the price pick up speed
- MANAGE YOUR RISK -
Disclaimer: All ideas are my opinion and should not be taken as financial advice.
After an accumulation phase (see posts below) Reinet is now being marked up. Price has now reached the oversold trendline of the upward stride and can be expected to take the next step higher.
Reinet is being marked up but is now overbought. With some volume at the upward stride trendline, we could see a correction in the short term. See posts below following the accumulation and markup.
- Price has been moving up solidly since the begining of the year
- Weekly downtrend is broken on the bigger picture
- Best entry will be on retest of the breakzone (around R285)
- MANAGE YOUR RISK -
Disclaimer: All ideas are my opinion and should not be taken as financial advice.
Following the accumulation of RNI (see series of posts below) we have seen a backup and am now ready for the markup to continue. There is negative divergence on the volume RSI. Volume is increasing on advances and decreasing on declines indicating a readiness to advance. There is no volume at the bottom of the pullbacks which indicates that there is no supply left...
Improved bullish technical scoring according to our proprietary methodology over the last couple of days.
A conflux of technical indicators supports a bullish bias.
MACD bullish crossover. First signal in the last 22 days.
Lower panel is the Coppock Curve developing a trough. Upside momentum will most likely to support the bullish bias.
Upper Bollinger Band...
Reinet has been in a trading range (TR) around the yearly pivot point. After a sign of strength (SOS) with increasing volume and a backup to the TR on decreasing volume the stock is now being marked up out of the TR. Looking for a push to R280.
