Reunert Ltd (RLO, 4837c): An infrastructure name, the share has retreated with in a steady upward. From close to 5800c, the current print is 4837c, which is at the lower boundary of the channel. In the current range of 4620/4835, the pullback offers an opportunity to purchase within an upward trend. Note the rising 200-day just below, which may also offer an area...
A buy recommendations on 08 October at just above 3500c, the share continues to display positive price action. Held the pivot and cleared overhead supply. Also an ascending triangle. Minor retracement before next leg higher?
After an identified head and shoulders, this is one broke the neckline and are slowly moving towards the target price of 6030.
A good time to buy this stock if it gets rejected at the current level that is being tested
Reunert broke what looked like an inverted neck and shoulders at around the 4250 neckline level. Two targets added to the chart looks like possible targets for this pattern. Stick to a stop loss level with a break on the daily chart below the neckline level.
Possible neckline break at 4340 level on Friday. This could be an inverted head and shoulders neckline break with a target around the 6500 level. Keep and eye on that 4340 level. It needs to hold. Bullish looking chart.
RLO is one of the better infrastructure plays on the JSE trading net-cash positive with a relatively clean balance sheet despite the COVID losses and impairments. Fundamentally the business has no debt and the valuation is modest with a forward P/E of approx 7.7 and a yield of 8.4% (*Estimates*). Cash flow appears to have recovered well post lockdown and export...
When reviewing the Weekly chart there is a possible Demand/Support zone at 3000-2900. RSI on Weekly & Daily charts in oversold territory with a reversal likely from this zone. Aggressive entry < 3100 Ideal entry < 3000 if it gets there Target 1 @ 4500 - 4600 (Profit around 50%) Target 2 @ 5000 - 5200 (Profit around 65%) Risk around 16%
$JSERLO pushed above my interpretation of NL (7130) and opens up further upside