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RNG - RingCentral Stock Price Will Continue Higher
Ringcentral Inc. Class A
I last wrote about RingCentral, Inc. (RNG) five months ago, giving the company a strong buy rating. The only thing that has changed since then is its stock price, up 32%.
(Source: Yahoo Finance/MS Paint)
After a strong gap up in October as a result of the announced partnership with Avaya Holdings Corp. (AVYA), the stock has consolidated and using technical analysis terminology, has formed a continuation pattern called a pennant, signaling higher prices yet to come.
Early this year, the stock price broke out to all-time highs. Given that