Renault's shares are trading at around €42.75 a share. The previous high of €41.42 has been broken and both indicators are currently positive.

Renault’s stock has not had the best of times in recent years, falling approximately 87% from April 2018 to the start of the Covid pandemic. Though since the pandemic, consolidation has been found and the stock is now trading at around €42.75 a share, up from €12.76 seen in March 2020. We can see that an ascending triangle was formed on the weekly interval, and a break above its previous high of €41.42 (horizontal trendline) has occurred. If the weekly candle stick closes above this point, this could indicate a possible move higher towards the €49-€50 price range in the mid-long term. The previous resistance level is now acting as support at €41.42, a break below this level could see the price decline towards levels sitting at €38.55 and then at €37.12. And a break below those levels may revert the outlook from positive to neutral. Looking at the technical indicators, MACD is positive and so is RSI as it reads 74. Note to investors, RSI has entered the ‘overbought’ boundary, hence, there could be a short-term dip before a bounce higher continues. Of course, this is also dependent on other factors, such as the state of the economy and the earnings of the company in months to come.