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Re: Don'tDrinkTheKoolAid post# 770

Wednesday, 02/19/2014 11:32:26 AM

Wednesday, February 19, 2014 11:32:26 AM

Post# of 1062
I have no idea where it's headed. I just automatically assume it will take awhile.... since I have hexed it by buying it. ;)

I bought into the idea that Baidu would eventually buy the whole company and not just Nuomi.

If that eventually happens - great. If not - the road for RENN is long if we are looking at fundamentals.

However...

Technically - RENN looks interesting.

This recently came out which sets up some up and numbers to watch for.

http://www.thestreet.com/story/12402042/2/3-stocks-under-10-spiking-on-big-volume.html

From a technical perspective, RENN is ripping higher here right off its 200-day moving average of $3.30 with strong upside volume. This move is starting to push shares of RENN into breakout territory, since the stock has taken out some near-term overhead resistance at $3.50. Shares of RENN are now quickly moving within range of triggering another near-term breakout trade. That trade will hit if RENN manages to clear some past overhead resistance at $3.62 with high volume.

Traders should now look for long-biased trades in RENN as long as its trending above its 200-day at $3.30 or its 50-day at $3.16 and then once it sustains a move or close above $3.62 WITH VOLUME that hits near or above 1.91 million shares. If that breakout hits soon, then RENN will set up to re-test or possibly take out its next major overhead resistance levels at $4.15 to $4.21, or even its 52-week high at $4.63.



So lets look at a simple 200 day/50 day/20 day chart



Same chart longer time frame 50/200 only



StockTA chart: Levels defined

http://www.stockta.com/cgi-bin/analysis.pl?symb=renn&num1=1&cobrand=&mode=stock


Finviz chart 1st break out defined (Until they adjust their line which they will do at some point)

http://finviz.com/quote.ashx?t=renn


"Then there was a woman, a lion of a woman."

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