RNR testing significant resistanceRenaissanceRe Holdings Ltd. (RNR) approaching significant long-term resistance, able to absorb monthly buying pressures.
From here (RNR) can fall back to channel support, eliciting losses of 20% over the following 2 - 3 months, and 40% over the following 5 - 6 months.
A weekly settlement below a near-term channel bottom would accelerate this process.
Inversely, closing above channel resistance would place (RNR) into a buy signal where gains of 15% would be anticipated over the following 2 - 3 months, and gains of 50% over the following 6 - 8 months.
