Property firm Robinsons Land Corporation (stock symbol: RLC) gapped up yesterday, the last trading day for this week. Although the April 16 daily close was down, price traded on low volume and stayed very close to the 23 level.
The break of 21 allowed RLC to move higher. I consider the 24 area as the final barrier to a possible new all-time high. The all-time high was set almost a year ago at 26.90. We are just 4 months into the year, so 27-30 is definitely achievable. Keep in mind that a potential range between 18 and 25 could still be in play (if 24-25 would not break).
The ascending trendline could help prop up price if sellers will try to bring price down.
The Moving Average Convergence Divergence (MACD) remains bullish with all measures above the zero level.