Resolute Energy Corporation (REN) – weakness soon to return?

ISIN: US76116A3068

Resolute Energy Corporation is an independent oil and natural gas company from the USA. The group was founded in 2004 and has its headquarters in Denver, Colorado. The following analysis will expand on the company stock from a technical point of view.

 

Review

After the strong upward rally of the previous year came to an end in the area around 49 USD, a significant downward trend formed in this stock. The price also broke through the SMA 200, which is observed by big market participants, downwards and with pressure.

 

stock REN daily chart with targets

stock REN daily chart with targets

 

Outlook

In order to find a lucrative entry in this stock, a correction down to the area of the SMA 200 and a testing thereof is also desirable (arrows in the daily chart). In the subordinate trend in the hourly chart, we should wait for a signal, which could show itself, for example, in the form of a 123 (arrows in the hourly chart).

For the first target zones, we can aim for the areas around 28 USD and 23 USD. The short scenario should be rejected if the price clearly and sustainably rises above 46 USD.

 

REN hourly chart with outlook

REN hourly chart with outlook

 

Before trading, one should take news in the environment and from the company into consideration. Similarly, one should also observe the overall market.

 

 

 

Neither the author nor our company is invested in the securities and underlyings discussed at the time of publishing this analysis.

Disclaimer:

Exchange transactions are associated with significant risks. Those who trade on the financial and commodity markets must familiarize themselves with these risks. Possible analyses, techniques and methods presented here are not an invitation to trade on the financial and commodity markets. They serve only for illustration, further education, and information purposes, and do not constitute investment advice or personal recommendations in any way. They are intended only to facilitate the customer’s investment decision, and do not replace the advice of an investor or specific investment advice. The customer trades completely at his or her own risk.

Resolute Energy Corporation (REN) – weakness soon to return?
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