Reynolds American Inc. (NYSE:RAI) stock was the second most active stock in the tobacco industry during Wednesday’s trading session and the third with the most gain (1.78%). The bullish candlestick pattern that was completed above the 200-day moving average, confirmed once again the ascending triangle found at the weekly stock graph. The increased volume in May’s last candlesticks is also noteworthy. RAI stock has experienced just 3 months of decline (May – July 2011) during the 3-year uptrend, during of which the stock’s price climbed to $42 from ’09 low at $16! With a lot of resistance met at $42 level, Reynolds American shareholders wish for a breakout. Maybe I’ll wish that as well if I trade long RAI on today’s open.
Author: Jim Makos
Jim is a Greek investor, trader, gambler and writer. By gambling and investing with real money online, he puts his money where his mouth is. He also writes about his success or failure. Connect with Jim: Google+ | Facebook | Twitter | LinkedIn
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