Peter,
I may be the only one up at this hour, and RRI has always been a friend of mine. Several months ago I said that RRI had entered into a channel, 9.80 ~ 8.80 and would stay there until deciding which way to pull out. Longer term the trend was up, but it wasn't clear at the time which way it would go.
Now, technically I think the trend is still up, but stronger now, and this time getting through 9.80/10.00 will be good to establish the level as future support. If you look back to August and September, you can see that RRI struggled constantly with the 9.80 line, but once October got started it sliced right through. It appears to have dropped back below for a little goodbye. So, if RRI is of interest to you, for the first time in several months it is looking like a good long.
The good news is there is no significant resistance above RRI until you see $13. These ideas are fairly long term in scope, however. Shorter term I think the chart finally looks better as well, and my guess is RRI will start carving out a home in the $10-$11 range.
Kb |
