RPC INC (RES) - Long +30% profit
Updated
I'm longing @ approximately 9.71 with a long term target of at least 13.00
Tight stops.
Arguments:
1. Expanding diagonal identified (zoom out).
2. fib relations are respected in individual ABC waves.
3. 5th bearish Elliott wave withing wave C soon completed. (minor EW 1-5 as shown on chart)
4. Bullish divergence noted on the RSI charts
5. Volume and price action showing oversold status
6. MACD 4HR chart is showing promising signs of a reversal point approaching.
7. GAPS above need to get filled. (92% of all gaps in the markets get filled)
Tight stops.
Arguments:
1. Expanding diagonal identified (zoom out).
2. fib relations are respected in individual ABC waves.
3. 5th bearish Elliott wave withing wave C soon completed. (minor EW 1-5 as shown on chart)
4. Bullish divergence noted on the RSI charts
5. Volume and price action showing oversold status
6. MACD 4HR chart is showing promising signs of a reversal point approaching.
7. GAPS above need to get filled. (92% of all gaps in the markets get filled)
Comment
approaching target.refining target to approx 9.60
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