UPDATE Renergen hit target at 9.33
Since the analysis, we saw Renergen formed a Descending Triangle / Triple Top formation.
The price broke below the neckline at R18.30.
And in just two short months, it's been carnage for the market.
It's pierced the 9.33 target, and now we need to wait for a consolidation range before we predict where it is more likely to go.
I'm not buying this company yet, until we see the price break above the uptrend, above the 200MA and until we see some promising reasons for the upside to come.
Cheap markets are most times expensive in the long run.
The price broke below the neckline at R18.30.
And in just two short months, it's been carnage for the market.
It's pierced the 9.33 target, and now we need to wait for a consolidation range before we predict where it is more likely to go.
I'm not buying this company yet, until we see the price break above the uptrend, above the 200MA and until we see some promising reasons for the upside to come.
Cheap markets are most times expensive in the long run.
✅ Facebook:
facebook.com/groups/matitrader
🌐Website:
timonandmati.com
𝕏 (Formerly Twitter):
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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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