RNR RenaissanceRe Holdings Ltd (Long Opportunity) Fundamental
- Stock is outperforming the market, building on new highs, I expect this will continue to at least 300 or ~10 near.
- Company's selling goes up.
- Company has a strong cashflow position.
- Investors very want the company at the moment.
- Company has great price/earnings growth spiral, wich makes dedicated traders want it, this explains the rise and this explains the continuation of this trend until the first big break, but this moment looks not to be near.
RNR trade ideas
RNR testing significant resistanceRenaissanceRe Holdings Ltd. (RNR) approaching significant long-term resistance, able to absorb monthly buying pressures.
From here (RNR) can fall back to channel support, eliciting losses of 20% over the following 2 - 3 months, and 40% over the following 5 - 6 months.
A weekly settlement below a near-term channel bottom would accelerate this process.
Inversely, closing above channel resistance would place (RNR) into a buy signal where gains of 15% would be anticipated over the following 2 - 3 months, and gains of 50% over the following 6 - 8 months.
RNRA good reversal is missing. Let's wait for the channel test or breakout and consolidation above the level. Dojik hints at the possibility of a channel test, though.
Provider of services for reinsurance, insurance and other related business services. The company operates in the field of reinsurance, insurance and venture capital investments.
RNR analysisNYSE:RNR is right now in an interesting area .In fact after breaking above the white line (Which was Strong Resistance at the time) it pulled back on the white line. The white line and generally the green rectangle will serve as a support area .If RNR succeeds in an upcoming day to close significantly above the blue line (trendline) it would very likely continue up towards the 200-202 area .And when that area is broken above it is expected to continue towards the 225 area with a considerable potential to continue even higher .