RENAULT: Raising the stop loss and the price target

(News Bulletin 247) – A clearly asserted upward dynamic on RENAULT shares will invite active investors to take a purchasing position, as part of a swing trading operation.

NB: investors who followed our recommendation on this same file as of Wednesday 03/04 will be able to maintain the position, by adjusting the stop and the objective.

KEY GRAPHIC ELEMENTS

Since its exit from the range on March 6, the car manufacturer’s action has experienced a rectilinear advance, without running out of steam, chaining the candles to the green body with the sole exceptions of March 21 (doji) and March 27. Trading volumes are not running out of steam, just like the dynamics of the RSI, without divergence although in the overbought zone. Over the last three sessions, the action has traced, in the sense of the nomenclature of the combinations of Japanese candles, a series of “advancing soldiers”.

FORECAST

Considering the key chart factors we have mentioned, our view is bullish on RENAULT stock in the short term.

Active investors will take a buying position on RENAULT shares at a price of €50.60 with a target of €59,950 in their sights. They will protect their capital by placing a stop at €47,390.

DAILY DATA CHART