RRHI is currently on a breakout after it formed a Double Bottom pattern at the key support level (70). The Double Bottom reversal pattern was also confirmed by a Bullish Divergence pattern on MACD, RSI and a few other indicators. Breakout's measured target is around 86.
*Immediate resistance area at 80~82.
*Immediate support is now at 78 (previous resistance prior to breakout that now becomes the support).
*Major support at 70.
Trading Plan
- Hold for existing short term position for potential to reach 85/86.
- Potential buy on breakout (avoid if it fails to break 80~82 resistance area).
- Remains a buy on dips for mid to long term trades near 70.
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