November 12, 2024
We take a look at RingCentral's ($RNG) chart as it moves through key market stages, currently in a Stage 4 decline and potentially transitioning into Stage 1 accumulation. We’ve seen recent tests of resistance around $38-$39, indicating a possible Stage 2 markup if it breaks above $40. This setup mirrors its 2017 breakout, where a similar pattern led to a strong rally. We’ll be keeping $RNG on our watchlist for a potential long position in the coming months.
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