REN Move Soon
I'm new to trading so just sharing my thoughts so please take with a grain of salt :)
Looks like REN approaching an interesting spot here. Its been rejecting off a descending trend line and also bouncing off an ascending trendline. It has also flipped the support to resistance.
A couple possible outcomes I can see from this point,
1. If it breaks out of the descending trendline I will wait to take a long position after it has also broken the resistance on the blue area at .35 and reclaimed as support. If it does it will probably retest .39 then .42 and higher if market permits.
2. If it breaks below the ascending trendline and also breaks through the orange support at .30 we could see as low as .20 for a re test.
Any predictions?
Looks like REN approaching an interesting spot here. Its been rejecting off a descending trend line and also bouncing off an ascending trendline. It has also flipped the support to resistance.
A couple possible outcomes I can see from this point,
1. If it breaks out of the descending trendline I will wait to take a long position after it has also broken the resistance on the blue area at .35 and reclaimed as support. If it does it will probably retest .39 then .42 and higher if market permits.
2. If it breaks below the ascending trendline and also breaks through the orange support at .30 we could see as low as .20 for a re test.
Any predictions?
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Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.