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RNDR: Overbought at Resistance

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Trade setup: Trends have reversed to Uptrend. Price bounced up off of support at $1.30 and broke back above $1.70 resistance and above 200-day MA (~$1.78) to signal resumption of Uptrend. However, price is now very overbought (RSI > 80!) just as it approaches $2.50 resistance. Hence, near-term, we’re likely to see it pause here on some profit taking.

Trend: Uptrend on Short- and Medium-Term basis and Neutral on Long-Term basis.

Momentum is Bullish but extremely overbought. (MACD Line is above MACD Signal Line). RSI is bullish (> 55) but extremely overbought (> 80) which could imply that price could briefly pause or pull back if it reaches Resistance.

Support and Resistance: Nearest Support Zone is $1.70 (previous resistance), then $1.30. The nearest Resistance Zone is $2.50, then $2.90.

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