What is interesting about the present charting configuration at Rangers International Football Club (LON:RFC) this the way that even though this is according to the newswires a situation which is very much in play fundamentally, the technicals have been leading the way in the recent past.
This is particularly so in terms of the latest rally which was flagged by the higher low for January versus December above the 20p level. What is encouraging at the moment is the way that we are in the aftermath of a Bull Flag breakout above the 30p level and 200 day moving average at 26p.
Providing there is no weekly close back below the initial January resistance at 28p, one would be reasonably confident of a top of January 2014 broadening triangle formation being hit at 40p as a minimum target.
The timeframe on such a move is seen as being as soon as the next 2 to 3 weeks, accelerated by the way that we are in the aftermath of January is the shaped Bull Flag and probably in the run-up to golden crosses between the near-term moving averages. Any weakness in the first instance back towards the initial January resistance is regarded as a buying opportunity as it would cool off the currently overbought RSI at 75+.
