RLT CHART, page-18

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Launched

2,412 Posts.

2608

02/06/21

13:57

Post #: 53593199
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Originally posted by Launched: ↑

Been watching both leading chart (REN) and asx chart (RLT) for a while. Most would think its been pretty boring as not much has been happening but I've thought the opposite.

Its quite evident on both charts that sell pressure has been exhausted as you can see with the dwindling volume, tightening range and change in momentum (as evident with MACD on both). The leading chart has also been oversold for a while as seen on the Stoch.

The asx chart has been tightening up like a spring ready to pop and finally yesterday the stand off between buyers and sellers was too much which resulted in a breakout on high volume - on both charts.

REN has had a bull flag set up and the breakout on that gives a price target of around 4000.
If we are to extrapolate that to the asx chart then a similar move will result in a price target of around $3.80 for RLT.

Seeing as the impulse waves on asx are still in tact my earlier TA target of $4.42 is also in play.

So new price targets of $3.80 - $4.42 seem very plausible seeing as that is very close to the range predicted by the 2 recent professional analyst reports.
Its worth noting that both of those reports only take into account resource that has been announced so further upside may be on the cards if we get some good anns.

There is obvious downside risk as both sp's need to follow through on the breakout today.
There are also some obvious gaps on the JSE but I don't watch enough stocks over there to understand their fill rates so I wont comment on that (however there are a few open gaps that look to stay that way).

All in all the movements have been very positive on both exchanges but we need follow through on these moves to get excited

GLTAH
DYOR

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$2.12 gap now filled
Another tick in TA box moving forward.

May turn around from here and continue north.
Also be quite healthy/normal for a back test on either support - around $2 - $2.07

Sp is red today but still very much in positive territory...

RLT Price at posting: $2.12 Sentiment: Buy Disclosure: Held
11 Upvote

0 Great analysis

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