Rank (LON:RNK) completes Bullish Gartley off the 2014 lows with Bullish One White Soldier daily reversal candle and potential weekly hammer candle!
Rank Group
Rank (LON:RNK) hits PT
About the Author
Taff6
6 comments
aflash
Low 21 May 155p. I got interested 24 May but was advised to wait until it cleared 179p. Stil watching.
Taff6
Hi aflash, can’t comment on your advice. However I’ve made a few additions to the chart for you. I’ve added four pink horizontal lines to the chart. The first one is the first level of support and very clearly defined (highlighted in yellow) off the 2014 lows (x marks the spot). The other 3 are very loose profit targets for the Gartley pattern. They are based on the pattern structure, specifically the swing low at point B and swing highs at points C & A.
.Below I’ve highlighted a daily reversal hammer candle on the chart. In this example this candle was especially useful as it highlighted and confirmed the first pink line as an area of support as price reacted significantly with the high taking out both previous days’ high. This was achieved before Gartley pattern completion was achieved. From the illustration you can see that the support line and Gartley pattern converge@158 ish. In the following day’s from here price reversed sharply and retraced to the PT. I suspect there will be more upside from here due to the initial reaction to the pattern completion. Some studies suggest that 52% of Gartley patterns retrace all the way to point A (Thomas N. Bulkowski), nevertheless we have reached point B, which is the .618 retrace of XA and completed a clear AB=CD pattern, so like you said keep watching.
aflash
From your second chart there is a gap between 180.5 and 182.6 and another between 171 approx and 172.6.
The first may be filled and I may buy around 181.
Then there is good support around 176.
Need another profit warning to back fill the lower gap.
Have to see how it looks on my own software.
Nicowilson
The departure of the Finance Director was announced yesterday. It will be interesting to see how this is reflected (if at all) in today’s share price
aflash
Taff6 was right. Reached 195p on June 26.
We now have second profit warning.
Ex-div 20 Sept.
I have not bought since this thread started but will do so.
