Here's an updated chart for RRL as of yesterday, after the presentation of Reports:
RRL was up yesterday +1.89%, but experienced some intra-day selling to finish below its opening price.
The stock is overbought on RSI.9, Stochastic, CCI and MFI (at the top line of the Bollinger Bands on the MFI).
Today at the time of writing RRL is up +2.47% on the back of a stronger overnight Gold Price (+1.33%).
Horizontal Resistance lies at 1.65 - so the price is currently marginally above resistance.
This is looking good, but the overbought conditions are a concern. Overbought can remain overbought for long periods. Short term traders should exit on a drop of the Stochastic below 80 or a drop in the MACD Histogram.
The stock is doing much better than the broad market index (XJO). RRL has a relative strength rating of 2.4341 which is very strong. Long term holders would see a pull back as another buying opportunity.
RB
RRL Price at posting:
$1.66 Sentiment: None Disclosure: Not Held
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