Back to the drawing board with RFG, 24/02/2017.

What appeared bullish yesterday, after their results came out,  has so far failed. This brings me back to the drawing board with RFG. Most recent low of $6.10 is a must hold on end of day closing basis for a short term long trade in my book. I have also marked other relevant support levels on the chart where the breakout of 25/08/2016 was successfully tested back in late 2016. The low of the breakout bar on 25/08/2016 was $6.09 retest of late 2016 low was @ $6.06. Boys, back then, were fishing out for tight long stops by dropping the price just below ( 3 cents)  the low of the breakout bar of 25/08/2016. When no supply resurfaced, after the threatening bar of 16/11/2016 a bullish pivot followed on 22/11/2016 which resulted in a testing the resistance around $7.20. 

Now, will we see a retest of the low made in late 2016 @ $6.06 ? This may be the case. That is why I am watching the price action and volume behaviour carefully over the coming days.

It is very important to see the zone of $6.00 hold as support specially on end of week closing basis since my view with RFG is medium term. Failure to do so, may suggest a completion of a topping pattern and  lower prices. In short, RFG is at a make or break level as far as I am concerned. If I see the support zone of $6.00 violated with a breakdown, I will close my existing open long position at a loss and move on.

Disclosure : RFG held.



All the information and analysis provided on this website is general in nature and for educational purposes only and does not constitute financial advice. No content in any way implies a recommendation to buy, sell, hold or short sell any financial instrument, nor is it financial advice.

Investing and trading in financial markets carries considerable risk, and should always be done in consultation with a licensed financial adviser taking your personal circumstances, financial situation, objectives and needs into consideration.

Links to other websites are inserted for convenience only and do not constitute endorsement of any of the material on those sites, or any associated organisation, product or service. Kazim Agaoglu is not responsible for the content of any site owned by a third party that may be linked to this website and such links are provided as a courtesy with no judgment or warranty being made concerning the suitability, accuracy or otherwise of the content on any such site.

Kazim Agaoglu disclaims any undertakings, warranties or guarantees, express or implied and shall not be liable for any loss or damage whatsoever arising out of in connection with the use of or reliance upon any of the information on this website. The user accepts sole responsibility associated with the use of the material on this site, irrespective of the purpose for which such use or results are applied. The information on this website is no substitute for financial advice.

Comments are closed.