I published this chart on Friday morning, pre-market.
Friday 20-October-2023, 06h30 Reinet Investments (RNI, 38595c). Lowest Level Since April + Head & Shoulder Technical Formation. The share exceeded my previous short/sell target of R398 (reaching a low of R386) which was followed by a rebound and subsequently, another decline which saw the price trade at it's lowest level since April. In the short term, a rebound is possible, however a new primary bearish trend may be developing following the medium to long term overbought conditions which was seen earlier in this year. Head and Shoulder Measured target = R340.
For more research insights, including trade ideas, get in touch today.
Friday 20-October-2023, 06h30 Reinet Investments (RNI, 38595c). Lowest Level Since April + Head & Shoulder Technical Formation. The share exceeded my previous short/sell target of R398 (reaching a low of R386) which was followed by a rebound and subsequently, another decline which saw the price trade at it's lowest level since April. In the short term, a rebound is possible, however a new primary bearish trend may be developing following the medium to long term overbought conditions which was seen earlier in this year. Head and Shoulder Measured target = R340.
For more research insights, including trade ideas, get in touch today.