Apparently some people are shorting based off charts which show this stocks price history completely wrong. This stock didn't not break out it fell by over 80% and is oversold not overbought. It was trading @$10 thursday of last week. Gap to $6 over $3.19 to play. Trading at about 1/10 its enterprise value. This company is valued in the billions.
Large gap to fill to $6. Lots of people shorted based of this charts price action finviz.com but as I look further I find this is inaccurate. If this breaks $3.20 again it has no previous resistance till $6 and the RSI is very oversold sellers look to be exhausted.
RNN is very oversold on the monthly and daily charts. It is trading in a decending channel and if price respects the channel it should test $6. It has a large gap to fill from $3.20 to $6. RENN is trading at 1/10 it recent $10billion valuation per Softbank. finance.yahoo.com
+ Broke out w/ extremely high vol.
+ Prices were on sideway, narrow range bound movement for weeks prior to break-out
+ Significant dip in vol. the day prior to break-out
- Multiple failed break-out in the past few months, even with high volume support
- Low $2 price is just about the lowest I would go for my personal strategies
: First target at 2.57 level
Renren was founded by Joseph Chen in 2005. Chen, a graduate of the University of Delaware, Stanford Business School and MIT, remains the chairman and CEO. In March 2008, Xiaonei launched its WAP version, which users can access through mobile phones. Xiaonei features an instant messaging service designed typically for its users using XMPP, which is more popular...
Study: chartNice upside move, breaking the long term downtrend. It seems to have a history of a fast and furious bullish mover. However, the earnings are on Tuesday, March 18 and they are not looking pretty. The ere is plenty of rum for continuing the upside momentum until ER.