RNRL WEEKLY

RNRL WEEKLY
The stock has formed a bearish candle in the last week but it has been formed on very poor volumes which creates doubts in the down move, besides the stock is near to a confluence support area of 82-84.
If we take the fibo ratios then
23$ retracement of the entire fall from all time highs to march lows is at 83
61.8% retracement of the entire rise from March lows to June highs is at 84
The 14 week MA is also at 84-83 and also the 20 day low is 84.
Due to all these factors the region of 82-84 can offer strong support to the stock.
The next support comes in at 73-70 region which is good support on the candle charts as shown in the circles on the chart and it is also the 50 % retracement of the entire rise from March lows to June highs.
There is a set of resistances at 92-93.
OI DATA
There is huge call writing of the 100 and 90 call strikes which indicates strong resistances at 90 and then at 100
On the puts side there is good put writing of 80 PA which indicates some support at 80
On Friday there was increase in futures OI which shows short positions being built up.
Considering the above data
Risky traders can buy the stock between 84-73 with a close below 73 being the SL for a target of 90
Risky shorters can short the stock near 93-95 for a target of 84 with SL being close above 100.