I have been watching the accumulation of Reinet since the beginning of the year (see post below). After an extended re-accumulation, it is breaking out with some volume and sign of strength. Watching for markup to previous highs
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.
Reinet Investments S.C.A. has spent most of this year trending higher. Towards the end of March, however, the stock lost its momentum.
If you look at the above chart, you'll also see a bearish divergence has formed on the MACD. Although the high created earlier this month is lower than the one created in March, there is a much bigger difference in the high...
Reinet has been under pressure but the latest range shows signs of accumulation. Price has potentially formed a Phase C spring and the spring has been tested. Divergence with the volume RSI indicates upward volume pressure. Volume has been declining during the current trading range possibly indicating that the supply has been absorbed. Price is now testing the top...
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...
Break of bear flag will open 17800 downside target. Key would be to watch for a break on volume and a breakout retest before committing full position to short.
JSE:RNI Has recently come out of a great Head and Shoulders trade. It seems to have reached some support so we can expect a possible reversal. The stochastic is turning up for now, and if it breaks above the previous high of a few days ago I will enter a long position.
