Renren (RENN) is starting to work. This little $3 stock has generated some nice gains for us, and is looking like it’s gonna do it again. (January 22, 2013)
RENN
I’m Dan Fitzpatrick on Tuesday, January 22nd. I want to look at Renren ( $RENN Renren Inc ) here. This is a stock that I’ve covered from time to time in this venue; most recently this last break out here above $3.50 or so, we had a nice little 50 cent run, then the stock has pulled back. Well guess what? It’s Renren ( $RENN Renren Inc ) time again. Last week we got a pullback, 50-day moving average, on Friday you got a little tail there, a little intraday reversal and that gives us support right down here at a low of $3.37. So this is a pretty low risk buy right now, you can see the zigzag here, there’s resistance, break out of there, a pullback to really test this level right here and now a move higher. So go ahead and buy Renren ( $RENN Renren Inc ), keep a stop right under there, make a position size such that if the stock does in fact pull down and kind of hit your stop you don’t have such a big position that you get crushed. You don’t want to do that. But you can go ahead and buy this stock, and guess what? Next time it goes up to about $4.00 or so say, “You know what?” “Let’s do that again.” Okay members over to the Strategy Session. Free Chart