Rentech Nitrogen Partners LP : Continuation of the bullish trend
Entry price | Target | Stop-loss | Potential |
---|---|---|---|
$38.72 | $43 | $39.5 | +11.05% |
The company’s fundamentals are still strong. Sales are up 25% for one year. Analysts from Thomson Reuters consensus have revised largely upward their EPS estimates.
Technical patterns are in the green: prices are up for several months. The reversal should continue in the coming trading sessions. The 20-day moving average should help to reach the USD 40 long term resistance. A new bullish fluctuation could lead the security toward its highest level in case of breakout of this resistance.
In consequence, investors can take a long position above the USD 40 in closing price to target USD 43. A stop loss will be fixed under the resistance at USD 39.5.