We have been noting the bullish pattern in RNG lately and marveling (well, that was me marveling anyway) at the similarity to the pattern that DOCU put up in February-April (since hit target and I sold).
RNG is declining now to hopefully test the top (neckline) of the pattern. The (orange dotted) EMA 20 is right there and the stock is firmly up trending by the SMA 50 and SMA 200. So it could be a buying opportunity (if you like richly valued growth stocks). I noticed today that as the stock market bubble heads cheered a vaccine clinical trial they sold down the stuff that has been doing well amid the crisis.
RNG is one of those SaaS companies that I consider right for the times with respect to remote communication/collaboration. Valuations are a whole other issue and require your own consideration. As a straight TA thing, 250 to 254 looks like a buy area with the understanding that a hard test could make it to the SMA 50 (where a miser might lay in wait).
A reminder that chart based NFTRH+ updates are technical trade setup ideas, which may not be revisited as the technical parameters are already noted. These updates are meant as a starting point for your further research if interested. I will not personally buy every item highlighted and will sometimes sell (ref. Trade Log) any item that I do buy below target (assuming I’ve not stopped out or sold for some other reason) as I often do. Also please be aware that I am not a fundamental stock analyst. Due diligence is your responsibility.
