Long
Bullish Engulfing Reversal Play - $RIGP
$RIGP painted a rather strong bar today, with more than 2 times the average volume. Looking back at this past month, there were 2 instances of a short bull run that yielded a $3.72 and $4.36 rise, measured from Low to High, and each represented more than 20% increase. An Entry off today's high, with Stop set at today's low, will bring 2R profits if Price can reach $18, which appears to be a significant resistance level. Such a run would equate to a ($18 - $13.5) = $4.50 run, which is, no doubt, a bit optimistic. Maybe a tighter Stop can offer greater Return, but that's up to the individual trader.
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Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.