4 hr chart
@chriscringle asked what's caused the upswing in a post, thought I through a little possible explanation from a TA perspective. First off, my chart trends have not changed for a while, they've merely been extended to include today.
Around 11 March RNU SP hit the lower LT trend combined with an RSI showing oversold was a possible buy signal to traders or anyone following the TA. Since then it has gained 10% or 0.004c and average 4hrly volume is climbing. ATM, there is a bullish signal in this being rising RSI with fast above slow, rising MACD signal and volume.
From a trading perspective, there's enough here to warrant a spec buy plus the SP has pretty much hit RNUs cash value and a potentially defining/derisking event should occur this year - demo facility. Risk reward reads worth it to me. If the median LT trend (middle yellow line) is hit, there's a further 10% upside. Caution I would give is for potential of those who bought at recent lows to take advantage of any rises.
Daily chart:
Added four markers to highlight SP hitting the lower LT trend. Rising RSI and volume is much clearer on the daily but it does highlight that a gap down from the 11/March was filled. In addition the previous spec buy statement, If I was buying I would want to see what that gap does before deciding to trade.
Disclaimer, I am neither buying nor selling, just holding.
GLTAINL
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