JSE:RNI Reinet Accumulation?
Updated
Reinet has been under pressure but the latest range shows signs of accumulation. Price has potentially formed a Phase C spring and the spring has been tested. Divergence with the volume RSI indicates upward volume pressure. Volume has been declining during the current trading range possibly indicating that the supply has been absorbed. Price is now testing the top of the trading range and now we need to see if it can break out and successfully retest the trading range.
Comment
There was a high volume Backup (BU) to the TR. Now we see a reaccumulation TR with low volume absorption. Looking for a break higher for the markup to continue.
Comment
The back up is still continuing. Depending on the reaction at the top of the TR will determine if the long idea is still in play.Comment
Backup complete and markup can continue.Comment
Seems the backup is now complete and the markup can continue.
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