Demand continuing to come for RSH with the 17c previous high starting to see good interest.
I expect to see this taken out (and the 1mil on offer at 17.5c) tomorrow. With the price action showing genuine strength, those sitting on the sidelines thinking about taking a position will look to pay up for FOMO starting to kick in.
Looking at the daily setup -
MACD firmly turning positive whilst the share price is at recent high's is a very strong signal. RSI still has someway to go before showing an 'over bought signal' as does the stochastics. Everything is telling me this wants to and will make a break higher in the short term.
Iam very comfortable adding to a position here on any pull back to the 15 day SMA at 15.5c
The weekly - medium term setup really tells the story here with the 16c price level being major resistance over the past couple of years. We have now seen a third attempt, followed by good consolidation at the top end of the range and now a nice break through this level.
MACD trending strongly with the other two indicators showing an 'over bought' signal, however this won't stand in the way of a larger move playing out. With the top end range of 16c and lower end of 6c, does this open the door for a 10c measured move to come as we enter the next level for RSH?
RSH Price at posting:
17.0¢ Sentiment: Buy Disclosure: Held
