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| Discuss Channeled view at RNRL at the Equities within the Traderji.com - Discussion forum for Stocks Commodities & Forex; Hello friends, RNRL is forming a new channel. This can be called as consolidation with ... |
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#1
28th December 2007, 05:27 PM
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Channeled view at RNRL
Hello friends,
RNRL is forming a new channel. This can be called as consolidation with decreasing volumes. What is important that today, there was a bullish engulfing from the lower channel line which suggests a buy. Looking for a buy around 175 tommorow for target around 200. dont panic with intraday SPIKE violation of lower channel. If and only if the lower channel is broken with higher volumes on closing basis, we shall be out then. See ya, Winston Last edited by winstonn : 15th January 2008 at 08:25 PM. 
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#2
28th December 2007, 05:40 PM
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Re: Channeled view at RNRL
Quote:
Hi Winston, Thanks for thsi post, does this means that RNRL will zoom in coming days (a month or two)! I will appreciate if you can add more insights on this! Thanks again.
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#4
28th December 2007, 05:49 PM
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Re: Channeled view at RNRL
Quote:
Thanks for your further clarification.. I have been holding RNRL since last few months, do you suggest it to hold? Thanks again.
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#5
28th December 2007, 06:18 PM
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Re: Channeled view at RNRL
Hi,
RNRL is in a strong weekly as well daily uptrend. No reason to panic. Till now we saw reactions to daily charts. Reactions on weekly charts also may come with high probabilty. If u are long term investor, better buy on weekly reactions. Yup, if u hold enough stocks required for options writting, u may do it under professional guidance so that you may earn even if the stock is dipping or having reaction on weekly charts. You can do it by Put writting. According to me weekly reaction would set in once the daily channel is broken on down side with heavy volumes.But this only indicates a corrective or side ways phase. See ya, Winston
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#8
28th December 2007, 07:14 PM
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Re: Channeled view at RNRL
Winstonn i think the pattern shown by you would qualify better as a rising wedge rather than a channel which is usually bearish for a stock in uptrend, i.e if RNRL breaks the lower trendline it may head down a lot. A closing above 200 should only trigger a fresh entry in this counter.
Thats what i think, i may be wrong. What say??
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#10
28th December 2007, 11:21 PM
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Re: Channeled view at RNRL
hi winston,
don't u thing RNRL IS FORMING PEANUT/SMALL SYMETRICAL TRIANGLE, ONE SHOULD BUT ABOVE 190/- OR IT SHOULD BE BUT RIGHT NOW
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