TRADE UPDATE: Renergen in the money and now we wait for a break
Rev Inv Cup and Handle formed on Renergen.
The price then broke below the Brim Level showing strong selling side to come.
Also on the Daily there is now a Symmetrical Triangle pattern When the price breaks it's likely to continue to the downside as the pattern si a continuation pattern by nature.
We saw strong downside to come from an even larger bearish formation on the weekly chart.
200>21>7
RSI<50
Target remains R12.52
ABOUT THE COMPANY
Renergen is a South African based energy company that specializes in the production and distribution of natural gas.
The company was founded in 2011 and is headquartered in Johannesburg, South Africa.
Renergen's main focus is on the production of liquefied natural gas (LNG) from its flagship project, the Virginia Gas Project, located in the Free State Province of South Africa.
The company is the first and only company in South Africa to hold a resource license for the commercial production of natural gas.
Renergen's Virginia Gas Project is estimated to have over 40 years of reserves of natural gas, making it one of the largest gas reserves in the country.
The company's liquefaction plant is designed to produce up to 20 million cubic meters of LNG per annum, making it one of the largest LNG plants in Africa.
The price then broke below the Brim Level showing strong selling side to come.
Also on the Daily there is now a Symmetrical Triangle pattern When the price breaks it's likely to continue to the downside as the pattern si a continuation pattern by nature.
We saw strong downside to come from an even larger bearish formation on the weekly chart.
200>21>7
RSI<50
Target remains R12.52
ABOUT THE COMPANY
Renergen is a South African based energy company that specializes in the production and distribution of natural gas.
The company was founded in 2011 and is headquartered in Johannesburg, South Africa.
Renergen's main focus is on the production of liquefied natural gas (LNG) from its flagship project, the Virginia Gas Project, located in the Free State Province of South Africa.
The company is the first and only company in South Africa to hold a resource license for the commercial production of natural gas.
Renergen's Virginia Gas Project is estimated to have over 40 years of reserves of natural gas, making it one of the largest gas reserves in the country.
The company's liquefaction plant is designed to produce up to 20 million cubic meters of LNG per annum, making it one of the largest LNG plants in Africa.
✅ Facebook:
facebook.com/groups/matitrader
🌐Website:
timonandmati.com
𝕏 (Formerly Twitter):
twitter.com/timonr
Trade Well,
Timon Rossolimos
Founder, MATI Trader
(Pro trader since 2003)
facebook.com/groups/matitrader
🌐Website:
timonandmati.com
𝕏 (Formerly Twitter):
twitter.com/timonr
Trade Well,
Timon Rossolimos
Founder, MATI Trader
(Pro trader since 2003)
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