RENEW ENERGY GLOBAL PLC-A (RNW) Stock Technical Analysis
NASDAQ:RNW - Nasdaq - GB00BNQMPN80 - Common Stock - Currency: USD
Taking everything into account, RNW scores 8 out of 10 in our technical rating. Although RNW is only a medium performer in the overall market, the technical picture looks good in both the medium and short term time frames.
RNW is one of the lesser performing stocks in the Independent Power and Renewable Electricity Producers industry. 66% of 19 stocks in the same industry do better.
Both the short term and long term trends are positive. This is a very positive sign.
RNW is currently trading in the upper part of its 52 week range. The S&P500 Index however is currently trading near a new high, so RNW is lagging the market slightly.
In the last month RNW has a been trading in the 6.47 - 7.17 range, which is quite wide. It is currently trading in the middle of this range where prices have been consolidating recently, this may present a good entry opportunity, but some resistance may be present above.
When comparing the performance of all stocks over the past year, RNW turns out to be only a medium performer in the overall market: it outperformed 66% of all stocks.
RNW has an excellent technical rating and also presents a decent setup pattern. We see reduced volatility while prices have been consolidating in the most recent period. There is a resistance zone just above the current price starting at 6.87. Right above this resistance zone may be a good entry point. There is a support zone below the current price at 6.80, a Stop Loss order could be placed below this zone.
More info and screens
5.21
7.17
When analyzing the support we can see 5 important areas.
- A support zone ranging from 6.54 to 6.76. This zone is formed by a combination of multiple trend lines and important moving averages in multiple time frames.
- Support @6.03 from a trend line in the weekly time frame.
- Support @5.84 from a trend line in the daily time frame.
- Support @5.51 from a horizontal line in the weekly time frame.
- Support @5.26 from a horizontal line in the weekly time frame.
We found 1 important resistance area.
- A resistance zone ranging from 6.81 to 7.10. This zone is formed by a combination of multiple trend lines and important moving averages in multiple time frames.
The Technical Rating and Setup analysis above combine different indicators and trends in different timeframes. Individual signals from indicators may give more contradictive signals and should always be interpreted in the more global context.
| Indicator | Value | Signal | Comment |
|---|---|---|---|
| ChartMill Long Term Trend Indicator | UP | POSITIVE | The long term trend for RNW is up. |
| ChartMill Short Term Trend Indicator | UP | POSITIVE | The short term trend for RNW is up. |
| ChartMill Relative Strength | 66.83 | NEUTRAL | RNW is not amongst the best or worst performers on the market. |
| Simple Moving Average/SMA (20) | UP | MIXED | The current price of RNW is below the rising SMA(20). |
| Simple Moving Average/SMA (50) | UP | POSITIVE | The current price of RNW is above the rising SMA(50). |
| Simple Moving Average/SMA (200) | UP | POSITIVE | The current price of RNW is above the rising SMA(200). |
| Relative Strength Index/RSI (14) | 51.62 | NEUTRAL | The RSI value for RNW is a neutral value. |
| Moving Average Convergence Divergence/MACD (12, 26, 9) | -0.01 | NEGATIVE | The MACD value suggests RNW has a negative trend, although the MACD value is rising. |
| Stochastics (14,3) | 53.33 | NEUTRAL | The Stochastics value for RNW is a neutral value. |
| Average True Range in percent/ATR (20) | 2.84 | MEDIUM VOLATILITY | The ATR as a percentage value for RNW suggests some volalility. |
| Average Directional Index/ADX (14) | 25.9 | POSITIVE | The high ADX value value for RNW suggests a strong trend. |
Daily CandleStick Patterns
Bullish Engulfing (D)
Bullish Hammer (D)
Bearish Inverted Hammer (D)
Hanging Man (D)
Bullish Harami (D)
Doji (D)
Gravestone Doji (D)
DragonFly Doji (D)
Bearish Engulfing (D)
Bearish Shooting Star (D)
Bearish Harami (D)
Inside Bar (D)
Red Dog Reversal Down (D)
Red Dog Reversal Up (D)
Dark Cloud Cover (D)
Weekly CandleStick Patterns
Bullish Engulfing (W)
Bullish Hammer (W)
Bearish Inverted Hammer (W)
Hanging Man (W)
Bullish Harami (W)
Doji (W)
Gravestone Doji (W)
DragonFly Doji (W)
Bearish Engulfing (W)
Bearish Shooting Star (W)
Bearish Harami (W)
Inside Bar (W)
Dark Cloud Cover (W)
Daily Chart Patterns
Bull Flag
Bear Flag
Ascending Triangle (D)
Descending Triangle (D)
Symmetrical Triangle (D)
Squeeze
Channel (D)
Channel Up (D)
Channel Down (D)
Rising Wedge (D)
Falling Wedge (D)
Double Bottom (D)
Multiple Bottom (D)
Double Top (D)
Multiple Top (D)
Weekly Chart Patterns
Weekly Bull Flag
Weekly Bear Flag
Squeeze Week
Channel (W)
Double Bottom (W)
Multiple Bottom (W)
Double Top (W)
Multiple Top (W)
Important!: this is just an example which is fully automatically generated based on the analysis above and should in no way be interpreted as a suggestion. Always make your own analysis and determine your own entry and exit points.
| ENTRY | EXIT | DISTANCE | CAPITAL |
|---|---|---|---|
| 7.11 | 6.53 | 0.58 (8.16%) | 12.26% |
| An entry @7.11. This is a Buy Stop order right above the resistance zone. | An exit @6.53. This is a Stop Loss order right below the support zone. | The trade has a worst case loss of 0.58 points, which is 8.16%. | When investing 12.26% of your capital in this trade, your total portfolio risk will be 1.00%. |
- The generated setup is based on the nearest support and resistance areas. If you are looking for a more long term trade, probably a wider stop is advisable.
- This trade setup was generated fully automatically and should not be interpreted as trading advice. Always check the related news for upcoming earnings or other events. Make your own analysis and trade at your own responsibility.
6.81
-0.1 (-1.45%)
Chartmill TA Rating
Chartmill Setup Rating
Sector
GICS SectorUtilities
GICS IndustryIndependent Power and Renewable Electricity Producers
Performance
% Chg-1.45%
1 Week0.89%
2 Weeks-3.54%
1 Month0.89%
3 Month17.82%
6 Month-1.16%
12 Month13.88%
2 Year9.84%
3 Year0.29%
5 YearN/A
10 YearN/A
15 YearN/A
Volatility
ATR(14)0.2
ATR(20)%2.84%
ATR Inc-25.3%
Range Today0.13
ADR(20)0.19
ADR(20)%2.81%
Trend & SMA
ST Trend
LT Trend
SMA(5)
SMA(10)
SMA(20)
SMA(50)
SMA(100)
SMA(200)
Relative Strength & Ranges
CRS66.83
Mansfield0.16
10 Day High7.05
10 Day Low6.47
20 Day High7.17
20 Day Low6.47
52 Week High7.49
52 Week Low5.15
CS1 End6.8
CR1 Start6.87
Volume & EV
DER(3)3%
DER(5)-0.82%
Volume1.00M
Volume Incr-3.42%
Vol(5)879.42K
Vol(50)756.82K