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Renergen

Renergen hit the target at R9.33 and now uncertain territoryM Formation formed on Renergen. The price came down and hit the target at R9.33... Now we had a bfreakway gap with testing at the low, which shot right back up. This is showing there is more buying volume coming in. However, we aren't seeing any strong bullish signs yet. I think the price needs to consolidate and form a higher low, then we will have some form of Cup and Handle... We will need to wait for the next move as it could be a volatile move.
JSE:RENLong
by Timonrosso
UPDATE Renergen hit target at 9.33Since 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.
JSE:RENShort
by Timonrosso
1
TRADE UPDATE: Renergen in the money and now we wait for a breakRev 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.
JSE:RENShort
by Timonrosso