|SHORT TERM COMMENTARY: |
Renewable Energy Corporation [Friday 23 Feb. 2018]:
|(Autocomments)|| Buy Candidate ( 5.88) |
|Renewable Energy Corporation is up by 0.70% yesterday from NOK 1.42 to NOK 1.43 , and has now gained 5 days in a row. It will be exciting to see if it manages to continue the gaining strike or take a minor break for the next few days. In the last 10 days the price of Renewable Energy Corporation has been rising in a total of 9 out of 10 days, and is up by 23.28% over the past 2 weeks. Volume fell last day by -27,64 million shares and in total there was bought and sold 32,69 million shares for approx. NOK 46,74 million. You should note that falling volume on higher prices causes divergence and may be an early warning about possible changes for the next couple of days.|
3 MONTH TREND
|Renewable Energy Corporation lays the middle of a very wide and weak rising trend on short term and further rise within the trend is signalized. Given the current short term trend the stock is expected to rise 4.0% during the next 3 months and with 90% probability hold a price between NOK 1.00 and NOK 1.64 at the end of this period.|
| Only positive signals in the chart today. Renewable Energy Corporation holds buy signals from both short- and long term moving averages. In addition there is a general buysignal from the relation between the two signals where the short term average is above the long term average. On corrections down there will be some support from the lines at NOK 1.31 and NOK 1.25. A break down bellow any of these levels will issue sell signals. A buy signal was issued from a pivot bottom point at Tue. 06 February 2018 and this indicates further gains until a new top pivot has been found. Volume fell last trading day despite gaining prices. This causes a divergence between volume and price and may be an early warning. The stock should be watched closly. |
RELATIVE STRENGHT INDEX (RSI)
|RSI14 is 86 and the stock is extremely overbought on RSI14, but may as well continue to gain. Some stocks do their best performance while being overbought, but it is very seldom RSI remains so high for a long time without short corrections. Risk has therefore increased and larger daily movements can be expected for the next couple of days. |
SUPPORT AND RESISTANCE
|There is no support from accumulated volume bellow today's level and given the right condition the stock may perform very badly in the next couple of days. There is no resistance from accumulated volume above today's level and given the right condition the stock may perform very well in the next couple of days. |
|This stock may move much during a day (volatility) and with a large prediction interval from the Bollingers Bond this stock is considered to be "high risk". Last day they the stock moved NOK 0.06 between high and low and this equals 4.29%. For the last week the stock has had an daily average volatility of 6.08%. |
The stock is very overbought on RSI14 (86). This increases the short term risk substantially.
|Renewable Energy Corporation holds several positive signals and are within a weak rising trend. As the old saying says. "Let the trend be your friend.'". We therefor consider to be a good choice at current levels and are expecting further gains during the next 3 months. |
OUR SHORT TERM CONCLUSSION: Buy Candidate.