RECL Respecting H&S Pattern

May 30, 2023

In last analysis RECL was suggested for long term as per monthly chart. Today RECL is approaching 144 level which is 1.272 extention of Fabonaccie levels. On daily chart MacD is above signal line and it's just began an uptrend . Life time high is 167. Considering MacD movement and price just touched 20 DEMA EMA and reversing from there., we can expect movement to continue up to 167 where double top formation will be made. Any move above will take Recl to new high which could be probably 15% above 167 ie 190 (appx . It is observer any break above life time high stock|index move up to 15 to 25 %, take pause, consoladate and move up provided business is intact).