RLF - Worth a buy?

RLF seemingly had a very volatile few months, which is not unlikely for penny stocks. The recent pullback could offer some decent entry levels for the brave however.

Technically we're looking at a sharp gap lower at the end of the year with a subsequent rebound that recovered around 75% of the losses so far. Trading volume and volatility have decreased drastically since and the recent small gap higher on positive momentum looks promising. The 0.30 level seems to form a support level, next resistance is at 0.3375 and then at 0.35 (i.e. the trading level before the new year drop off).

Any positions engaged now would require the stock to surpass the resistance by quite a margin to have a worthwhile risk-reward ratio.

I will be looking at a small position with a tight SL in the 0.275 area and subsequently raise the bar if the stock moves higher.

Buy Limit 0.3050, GTD
SL 0.2750
Take Profit 0.3900

Trade active:

Position open at 0.3020

Trade closed: target reached:

Closed @ 0.39 during today's trading session.

Might buy back in if the uptrend continues and confirms a hold above 0.40

Comment:

0.40 levels seem to from new support, although it was briefly broken.

Looking to buy back in at current levels. Will run a sepparate chart study in the coming days.

Comment:

Back to ground zero (0.30) which has proven to be a solid support level. Still negative on the position post recent purchase. However I see it as a long term play amid the Covid 19 vaccine story and will maintain my position.