Chinese social media company Renren Inc (NYSE:RENN) may be setting up for a big bullish breakout. This analysis is based off a bull flag of consolidation on the daily chart, price sitting just above the 20 and 50 daily moving averages and China small caps being extremely hot. All signs are pointing to a big move in the next week on $RENN. The stock has no major resistance until it hits the daily 200 moving average at $2.80. This means the potential upside for $RENN is over 50%. I am looking to buy a position on Monday morning. By Pro-Trader Jenny Rebekka
Renren Inc. operates a social networking Internet platform in the People's Republic of China. The company operates Renren.com and Renren Mobile App that enable users to communicate and stay connected with friends, classmates, family members, and co-workers. It also operates Renren Fenqi, a financial service platform, which provides credit financing to college students for making purchases on e-commerce platforms; short-term financing to used car dealers; rental financing to individuals who are referred by the apartment agents; and micro cash financing to college students to fund their short-term consumption. The company was formerly known as Oak Pacific Interactive and changed its name to Renren Inc. in December 2010. Renren Inc. was founded in 2002 and is headquartered in Beijing, the People's Republic of China.
