After the recent news that their Virginia operation is officially pumping helium, we saw a couple of nice spikes in the price. Two gaps in a row to the upside which suggests that investors are piling in and buying at just about any price they can get. More significantly though, for me, is the fact that the price has burst through the 50 day moving average which in itself a bullish signal. Momentum has shifted and we can finally see some conviction and strength in the price.
There is a technical level of resistance just below R28.00 but this time I think we breach that and would not be surprised if REN makes a run toward the 200 day moving average, currently at around R32.00.
There is a technical level of resistance just below R28.00 but this time I think we breach that and would not be surprised if REN makes a run toward the 200 day moving average, currently at around R32.00.