RENN Trade Idea Update (long)

On March 27th I showed you RENN as a long at $5.39

RENN has been slowly creeping up, but it looks like it is finally heading toward the breakout I was looking for, now up 17% on a straight long.

Here's the original trade idea, thus far up 17%. The price pattern implied target is $8.40.

At this point for those of you who may be in the trade, I would certainly be looking at a trailing stop.

A 22-bar moving average usually tracks pretty close to the Trend Channel, this is a 22 bar average on a 60 min chart, it allows for some consolidation. A 30 min chart may stop out on consolidation, unless RENN gets very vertical, then I may consider tightening that stop and of course follow the market updates for signs of the bounce ending.

If you have any questions about RENN just email me, so far, so good.