Renk has successfully left our Fibonacci retracement zone to the upside. Those who entered this stock at the upper edge of our Fibonacci zone would currently be sitting at approximately 19.10% in profit. We are therefore officially deactivating this zone as a clear success.
Going forward, we expect Renk to break above $56.85 and reach our Fibonacci retracement zone, which is marked here as a selling zone.
Short Entry Levels:
- 50% at $65.36
- 61.8% at $71.26
- 78.6% at $79.66
For those already invested in this stock, this selling zone may present an interesting opportunity to purchase a put option as a hedge on your positions, once Renk reaches this zone. From here, we expect Renk to drop into the final leg of its corrective phase, falling below its local low at $40.34 and into our Fibonacci retracement zone — marked as a clear long-term buying zone for this stock.
Long-Term Entry Levels:
- 78.6% at $32.70
- 88.7% at $25.29
Within this zone, we expect this stock to form a historical low and initiate a major long-term uptrend. This long-term buying zone will therefore open prime buying opportunities for this stock.
Should anything happen, we will update you immediately.
Kind regards,
Monalytics
DISCLAIMER: The content on this website, including charts, analyses, and recommendations, is for informational purposes only and does not constitute financial, investment, or professional advice. Trading and investing involve risk. You should consult a qualified financial advisor before making any investment decisions.
