RNW - A shot in the dark?
Updated
Fundamentals aside, this stock appears to be bottoming out. If I'm wrong, that's fine. Stop losses are easy here, sideways action for now. BUT, 200 MA and 50 MA will cross soon, 100 MA also evening out. With fundamentals, revenues going up, good risk reward here with a tight stop loss. I will wait for more signs an uptrend is establishing before entering, it might be fun to have a sizeable position here, portfolio exposure to an Indian renewable energy company sounds pretty funny as well.
Note
Up 6.3% today.... Looking for more volume tomorrow or Friday. I like the liquidity push down yesterday to shake out stop losses. I watched trading yesterday during the selloff and removed my hard stop, and added to my position at $5.43. Even though there was not enough volume today to make me happy (982k) , I still believe this move ends much higher given time. If Volume comes in tomorrow we can finally break upwards, if not, we are getting pushed down again before going up for liquidity.Note
Nice. Volume came in Friday, 2.7m . The significant thing here is bears or people who may have shorted in the past 6 months are now underwater. New uptrend established.
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