Renewable Energy Group, Inc. : A well-established uptrend
Entry price | Target | Stop-loss | Potential |
---|
$15.51 |
$18 |
$15.2 |
+16.05% |
---|
Renewable Energy Group could breakout its USD 15.62 resistance.
The economic and financial situation of the company is still strong. Estimated sales from Thomson Reuters consensus are encouraging. Moreover, the earnings forecast for 2013 and 2014 are often revised upward which give an important potential.
Technical patterns are in the green: prices are up for several months. The movement should continue in the coming trading sessions. The 20-day moving average should help to overcome the USD 15.62 long term resistance.
According to both technical and fundamental elements, it seems opportune to take a long position above the USD 16 resistance. The bullish trend should allow the security to reach the bullish trendline around USD 18. A stop loss will be placed under the USD 16 to avoid a downtrend when the trade is open.
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