chart of the week

As they sat at a place called Chart Chat.....

RSL name is misleading as it has traded in its shopping trolly for a miners hat to become a uranium explorer. Clearly things are starting to happen for this small cap company with volume in excess of 100m shares traded on several days over the past month (box). The chart is also starting to reflect changing fortunes for this company.

RSL has traded in a tight range for the past year consolidating above its descending trend line (blue) and importantly the 200 DMA. Convergence of multiple MA (circle) puts us on alert that this share is primed to go. A break above $0.034 would project an initial target of $0.089. How RSL trades in this zone will determine whether a much higher target of around $0.22 is possible.