The chart above shows the bullish rally of
RENX.L after the
BUY signal which was issued on 23/12/2022. The stock price edged up with a decent gain of 80.04%. The bullish mood, however, may be over. Our system detected a
BEARISH ENGULFING pattern which may be a sign of a market sentiment switching from bullish to bearish. This pattern deserves utmost attention because STAY LONG positions must be opened immediately in case of a confirmation. The
BEARISH ENGULFING pattern, if confirmed, indicates a downside potential of 12.68%. The bullish reaction rally may be over, but patience is required at this point! Do not forget that confirmation is the prerequisite for any further move!