short RNG, hype has passed
Ring Central gapped up on some news of its partnership with Vodafone. I expect it to drop right back down to the price level it gapped up from. (highlighted in red).
Although I think this partnership is great and should provide synergies, there is no doubt in my mind that RNG has become way overblown in its stock price/valuation. I see more of a correction to recent support levels which are highlighted in bright red.
With all that said, its 20 day MA just dipped below its 50 day MA indicating ashort-termm negative trend while it trades astronomically above its 200 day MA which signifies it has gone too far.
Although I think this partnership is great and should provide synergies, there is no doubt in my mind that RNG has become way overblown in its stock price/valuation. I see more of a correction to recent support levels which are highlighted in bright red.
With all that said, its 20 day MA just dipped below its 50 day MA indicating ashort-termm negative trend while it trades astronomically above its 200 day MA which signifies it has gone too far.
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