Riverstone – [ Rebound Came After We Posted, What Are We Looking Out For Next? ]
Chart Source: Poemsview 28th Sept 2020
Riverstone a glove related counter was a counter we posted on our blog before market open last friday (25th Sept) when it was at $3.49. Once market open it slowly moved up and just one cent shy of our target $3.74, it touched $3.73 and started to have profit taking through the day.
It made a nice 6% upside in a day since it broke above the 20ema which we mentioned in our post too, very decent if you ask us. =)
So what are we looking out for next? From the chart and using technical analysis, $3.73-3.75 is a potential resistance for us. The short term support to us is the 20ema and that uptrend line we drew , which is round $3.53 level. If riverstone can maintain at this level and take out the resistance, we might even see $4.11 level.
Keeping our eyes on it.
Yours
Humbly
Kelwin&Roy
