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

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.

Hi,

This is a Micro -Short term call, i.e. with 10 trading sessions.

Hi Winston,

Thanks for your further clarification.. I have been holding RNRL since last few months, do you suggest it to hold?

Thanks again.

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

oh sorry for the mistake,

you can do call writting

pardon me

Hi,

Gr8 call winstonn

Its look like a rectangle top waiting for break-out like previous one....

Thanks
BULLET

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??

hi!,

target is 200, this is swing call. Yes, above 200, it would be better for further buying and higher targets.

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