REN Technical Analysis: Trading Below the Second Fibonacci Pivot Point of $1.61, Bulls Can Go Strong

Ankita  |  Sep 28, 2021

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Let us look at the technical analysis of REN.

Past Performance

On September 21, 2021, REN opened at $0.74. On September 26, 2021, REN closed at $1.03. Thus, in the past week, the REN price has increased by approximately 39.20%. In the last 24 hours, REN has traded between $1.01-$1.14.

TradingView Chart

REN Technical Analysis

After the 18th April market correction, the price has been consolidating. The price tried to give a breakout from the resistance level of $1.16. REN has the potential to make new all-time highs. Let us see what the indicators are indicating:

At the time of writing, REN is trading at $1.00. The price has decreased by approximately 10% from the day’s opening price. Thus, indicating a bearish day ahead.

The MACD is currently above the zero range. However, we can witness a bearish crossover by the MACD line over the Signal line. Therefore, we can expect the price to fall.

Talking about the RSI indicator. It is at the 53% mark. It is constantly facing rejection at the 50% mark, which is acting as a strong support level. However, it is making a bearish divergence. Thus, selling pressures are slowly mounting.  We have to wait and watch if selling pressures become strong enough to bring about a fresh breakdown from the support zone.

The OBV indicator has broken its uptrend and started rallying in an opposite direction.

In short, when we look at oscillators, we can say that the REN price may continue to rise for the rest of the day. However, we cannot rule out the possibility of a trend reversal.

Day-Ahead and Tomorrow

Currently, REN is trading below the second Fibonacci pivot point of $1.61. If the bulls remain strong till day end, then the price is likely to rise above the 50% FIB resistance level. A breakout from this zone will highlight the next resistance level at $1.39. Traders can take a long position accordingly.

On the downside, if the price breaks the support level of $0.96, then we can expect a strong downward movement in the price. It will highlight the next support level of $0.88.

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