RingCentral Inc. (RNG) is set to report its latest earnings and revenue figures after the close of trading Wednesday. Let's check out the charts and indicators.
In this daily bar chart of RNG, below, we can see that prices suffered a long and hard decline the past 12 months. RNG is trading below the declining 50-day moving average line and below the declining 200-day line. The On-Balance-Volume (OBV) has been in a decline the past year. The trading volume has been more active since the middle of May, but it has not translated into a bottom pattern. The Moving Average Convergence Divergence (MACD) oscillator is bearish.
In this weekly Japanese candlestick chart of RNG, below, we can see the huge decline over the past two years. Not pretty. Prices are below the declining 40-week moving average line. The weekly OBV line is bearish and so is the MACD oscillator.
In this daily Point and Figure chart of RNG, below, we can see a potential downside price target in the $19 area.
Bottom line strategy: I have no special information or knowledge of what RNG will tell shareholders, but the charts and indicators are bearish. Avoid the long side of RNG.
