RRL - Potential bottoming

dl.dropbox.com/u/11107241/RANGE%20RES.%2...20NPV%20%27DI%27.gif

P&F target to 3.7 potential reversal...on a 60min...I am a bit ahead based on theory. I normally buy during the retrace, ideally the book says to buy when the current column of x is above the prevous column of x...

DYOR...

Cheers
Ramu

gclark25, thanks for the charts,it's been a while since I was in this one.

So 3.15p (3.01p on mine) is identified as major support on your chart and a bounce to 4.31p (major resistance +28% odd) or to 6.98p (minor resistance +107% odd) could be possible (on ProRealtime end of day).

Just like to draw traders/holders to 2010, when I purchased in early January that year on the retrace (after the 2009 breakout)and the sp didn't do much for the whole year, so bottoming out or consolidation can take a long time with this stock. EWT applied here does show the ABC down so due to end downtrend and go up or sideways. 2013 is a lot different to 2010/2011 when most were still bullish, just a traders market this year no buy and hold for most I guess.

The RSI does look bullish, so on my watchlist now, many thanks.

Yup - still in my long set up, i'm fairly positive about todays movements.

Nice Hammer formed on my chart (Anyopne with fancy paid for charts confirm ?)

picasaweb.google.com/lh/photo/_d6PUa3jgy...EZOI?feat=directlink


A good test and rejection of lower price, and finished +.

Lets see if this can now get going !

An Excellent summary of why I added to my position.

I looked at the chart yesterday morning and the MACD, RSI, OBV and Stochs are all turning positive, combined with the sp level I thought risk Vs Reward was worth the punt.

Lets hope it turns our way.

GL
Ade

I posted this on the RRL bb - thought I would just stick in here aswell

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Here is my view on RRL's recent price action.

I like to look at things in 2 or more timeframes.

So the first thing that caught my attention to this share was the proximity to major support on the weekly - thats how I screen on my weekly support strategy - I did the same with Griffin Mining, a spot I had before new year (you can see I posted on the bb) and now its had a 20-30% rise in that time.

Well I can see a similar scenario with RRL except with increased return % possibility

Anyway - so weekly from earlier on - chart should clearly show what I see





But now a look at what I can see on the Daily - and very interestingly, I see a very bullish set of circumstances - hopefully explained in the chart





For further clarification on a falling wedge - read the following:

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Falling Wedge
The falling wedge is a generally bullish pattern signaling that one will likely see the price break upwards through the wedge and move into an uptrend. The trendlines of this pattern converge, with both being slanted in a downward direction as the price is trading in a downtrend.

Figure 1: Falling wedge pattern





From the above, one can see that a wedge is similar to the triangles, in that the price movement bounces between the two trendlines, which are bounding the price movement.

Another thing to look at in the falling wedge is that the upper (or resistance) trendline should have a sharper slope than the support level in the wedge construction. When the lower (or support) trendline is clearly flatter as the pattern forms, it signals that selling pressure is waning, as sellers have trouble pushing the price down further each time the security is under pressure.

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Further more, a close up look at the daily is showing further bullish signals with a potential double bottom backed with extremely bullish diverging RSI