This daily chart of Renren (RENN) shows a potential big move. Don’t miss it. (November 29, 2012)

by DAN RENN 
Good evening I’m Dan Fitzpatrick here at StockMarketMentor.com on Thursday, November 29th. I’m looking at Renren ( $RENN Renren Inc ) here; I haven’t looked at this stock in quite a while. It might have been, I don’t remember, you probably do, actually I think it was back here when this stock was in volatility squeeze. That’s what these goofy little stocks like this, I’m sorry if you own a big position in it, I think it’s a goofy little stock. But every so often they just trickle sideways for a while, for a long while, and they form this tight little volatility squeeze. We saw the first hint that this thing is going to break out today, where the stock rallied up, by the way, what did it do? It hit the 50- day moving average, which is pretty much defined resistance. So this was a failed breakout today, but that doesn’t mean you stay away from the stock, that means you want to watch it, you know, the things that I do on Stock Market Mentor every night, they’re called Strategy Sessions, they’re not called market highlights from the day; you know we’re trying to figure out what to do tomorrow and after that, based on what we’re seeing. So here with Renren ( $RENN Renren Inc ), what I want you to do is watch this, because, and I don’t know when earnings are, maybe I should be doing that work, but you’re going to have to do some of it yourself. But look for Renren ( $RENN Renren Inc ) to actually move higher, this has been coming down for a while, it’s not going to go to zero, sometimes it’s just looked like that. So watch this thing for a base. I think Renren ( $RENN Renren Inc ) is going to perk up a bit, we could have seen the first little move in that today, but as long as the stocks say, I’m sorry I’m having a hard time speaking English, not really sure why, it’s verbal dyslexia anyway, as long as the stock stays above or around $3.35 or so, this is a viable squeeze. If it falls below that and starts to fall into this lower half of the Bollinger Band complex as I call it, into this area here, then it’s definitely not something that I want to buy; but I would still continue to watch it because ultimately I think the squeeze is going to work for the bulls. Okay, members over to the Strategy Session; I’ve got some retail and some tech that I’m focused on today as well as a couple metals and I think it’s really important for you to get that information.

Free Chart