Worth a look at the short, medium and longer term setup for RSH to understand the potential here based off the technical setup. All setups are positioned very positive!
Daily - short term setup
After 5 months of distribution and consolidation below the 17c neckline, the setup is highly favourable to see this cleared with supporting volume today. Based on the gap close base at 11c one can reasonably expect a measured move to 23c in the short term for RSH. Once the previous resistance of 24c is cleared, the barn doors will be blown wide open here.
MACD trending nicely above the 0 control line + jaws widening is a very bullish signal. RSI and stochastics both trending high with plenty of room to move before over bought signals are evident.
View attachment 3033874
Weekly - medium term setup
Price action back above MA levels of interest on volume with a move expected to take the price action to the topside bollinger band.
MACD as of last week crossing positive and back to the 0 control line. Stochstics and RSI's also breaking out.
View attachment 3033886
Monthly - longer term setup
Price action made its way back to MA's after retreating back inside the topside bollinger band. Stochastics breaking higher + RSI moving off support.
View attachment 3033901
Zooming in just on the MACD it remains positive above the 0 control line and like to see a decent expansion of jaws.
View attachment 3033908
Overhead price levels of interest:
23c
27c
60c region...
