I believe RRL is giving a good medium term buying opportunity, as it had pulled back into Support and after some days of consolidation, it is showing Bullish Price Action. Price has broken the green downward sloping trendlinewith High Volume which is why I am confident that now it is ready to go up.
From the closing of the Current Daily Green Bar ($3.87) to my target of $4.85, this trade may give a potential of 23% gain.
Please note these are my own notes, by no means trading advice. Please do your own research before entering into any trade.
From the closing of the Current Daily Green Bar ($3.87) to my target of $4.85, this trade may give a potential of 23% gain.
Please note these are my own notes, by no means trading advice. Please do your own research before entering into any trade.
Trade active:
Trade Active
Comment:
Comment:
Price has been consolidating over Strong Support, there is also confluence of High Volume Profile Zone between $3.70 and $3.90. I expect Bulls to step in and defend this zone and take price up.
Comment:
Comment:
OBV Indicator showing Bearish Volume is decreasing while price is consolidating on Support and not dropping further. MACD has crossed which is another sign that Bearish Momentum has shifted or diminishing and Bulls may take control and take price up.
Comment:
Comment:
After breaking the downtrend line, price broke out with High Volume, but did not follow through, instead is consolidating. When we look at the OBV indicator, it shows that Bearish Volume is decreasing, which still makes me believe that RRL should move higher.
Comment:
Comment:
RRL is still in Consolidation phase above the Support region between $3.50 - $3.60 range after its High Volume Breakout above the downtrend line but has not shown any follow through to the upside yet. Lets see what RRL does in the next coming sessions.
Comment:
Comment:
RRL showing that the Support has held well with High Volume on the Weekly Chart. Expecting it to break its consolidation and move higher.