RNI
has spent most of this year trending higher. Towards the end of March, however, the stock lost its momentum. If you look at the above chart, you'll also see a bearish divergence has formed on the MACD. Although the high created earlier this month is lower than the one created in March, there is a much bigger difference in the high created on the MACD.
You can also see weakness in price on the Slow Stochastic Oscillator.
Finally, there is a clear break of the first quarter trendline. This current consolidation channel looks weak and I'm going short.
Action: Place a Limit Order to go SHORT with your Limit Price set to R233.00. Set your Stop Loss to R246.00 and your Take Profits to R215.00 and/or R200.00.