RNR testing significant resistance
RenaissanceRe Holdings Ltd. (RNR) approaching significant long-term resistance, able to absorb monthly buying pressures.
From here (RNR) can fall back to channel support, eliciting losses of 20% over the following 2 - 3 months, and 40% over the following 5 - 6 months.
A weekly settlement below a near-term channel bottom would accelerate this process.
Inversely, closing above channel resistance would place (RNR) into a buy signal where gains of 15% would be anticipated over the following 2 - 3 months, and gains of 50% over the following 6 - 8 months.
From here (RNR) can fall back to channel support, eliciting losses of 20% over the following 2 - 3 months, and 40% over the following 5 - 6 months.
A weekly settlement below a near-term channel bottom would accelerate this process.
Inversely, closing above channel resistance would place (RNR) into a buy signal where gains of 15% would be anticipated over the following 2 - 3 months, and gains of 50% over the following 6 - 8 months.
Anthony Speciale, founder of Speciale Analysis offers an affordable approach for all traders to grow into their highest potential.
Anthony Speciale, founder of Speciale Analysis offers an affordable approach for all traders to grow into their highest potential.
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