Potential head and shoulders pattern on the daily chart ?
RGR may go up to around 48.63 and then sell off from there as the pattern showing on the daily chart is a head and shouilders pattern - and the top of the right shoulder before it rolls over will be at that 48.60 level.
It's important that the stock holds S1 support level which is currently at $43.87.
I do think there is bounce potential in this thing short term. Volume today was pretty good, but the price action still sucked. I covered a good chunk of my short position today, but I think the 200 DMA at around 42.90 and the gap from early Nov at 42.00 are better support areas. Plus this thing is still kind of in free fall after the post special div slump and with all the gun news.