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  • Writer's pictureT. Livingston

$RNG Base on Base Action

RingCentral, ($RNG), is closing in on a new high. I like it's action over the past three months. First, note the large hammer bar off the market low in March. While many stocks fell far below their 40-week moving averages, RingCentral has zero closes below its 40-week moving average this year. That is quite impressive given the large decline the market saw in March. In addition, it has been tightening up over the past four weeks on low volume. I love to see this sort of action as the 10-week moving average rises to catch up to the price bars. Moreover, I like that RNG has held about the $250 area which is the prior breakout level. Anything can happen in the market, but RingCentral is a stock that is worth keeping an eye on in my opinion.

Full Disclosure: RingCentral is a stock I currently own.

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