REN recently broke out of this downward sloping channel - a Bull flag formation.
It reached oversold levels on the RSI at the same time as hitting 200 support on the EMA (4H)
RSI seems to backtest pretty reliably for REN, and there had also been some bearish divergence on the previous upsloping channel, predicting the downtrend.
I am quite new to TD Sequential and still learning how to use it, but there was also a green 9 right at that 200 MA before the pump.
Checking the Daily we could also see a green 9 predicting the reversal to the upside from 13 May.
On the 4H the previous green 9 occurred right at the 100MA. Price continued to dip down to the 200MA, completing another cycle.
I guess that should be quite a strong buy signal.
I didn't take this trade but as a new trader learning the ropes, it's exciting when you find a confluence of lots of indicators.
It reached oversold levels on the RSI at the same time as hitting 200 support on the EMA (4H)
RSI seems to backtest pretty reliably for REN, and there had also been some bearish divergence on the previous upsloping channel, predicting the downtrend.
I am quite new to TD Sequential and still learning how to use it, but there was also a green 9 right at that 200 MA before the pump.
Checking the Daily we could also see a green 9 predicting the reversal to the upside from 13 May.
On the 4H the previous green 9 occurred right at the 100MA. Price continued to dip down to the 200MA, completing another cycle.
I guess that should be quite a strong buy signal.
I didn't take this trade but as a new trader learning the ropes, it's exciting when you find a confluence of lots of indicators.