RGSE - Primed as an Oversold Pattern Play
After bottoming around .30, RGSE has been looking better every day, as evidenced by a bullish Macd crossover and a rising RSI. I mentioned in my blog that an entry confirmation would occur when the price action crossed over
the 20ma and the RSI confirmed a break over the 30 breaking out of oversold, both of which happened Friday. I entered at .3347, and the price action closed at .3390 Our nearest major moving average is the 50ma at .7085,
but we have strong candle resistance at .35 and .376. A hurdle over those with strong volume could push us to .4387ish area. Any positive news catalyst andwho knows what could happen? I like the 8ma support at .3282, but I'm
willing to risk a drop as low as .29 before dumping my entire position, and perhaps re-entering if it crosses back over the 8ma. Of course, any negative news catalyst could drop the price even lower, so always practice risk
management by following our trading guidelines.
the 20ma and the RSI confirmed a break over the 30 breaking out of oversold, both of which happened Friday. I entered at .3347, and the price action closed at .3390 Our nearest major moving average is the 50ma at .7085,
but we have strong candle resistance at .35 and .376. A hurdle over those with strong volume could push us to .4387ish area. Any positive news catalyst andwho knows what could happen? I like the 8ma support at .3282, but I'm
willing to risk a drop as low as .29 before dumping my entire position, and perhaps re-entering if it crosses back over the 8ma. Of course, any negative news catalyst could drop the price even lower, so always practice risk
management by following our trading guidelines.
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