RENN Setup

RENN has earnings after the market close today.  The RSI on the daily and 60 miute charts are in the healthy low 50's.  It has a daunting 69% short float!  Imagine what a short squeeze would look like.  If indeed surprise to the upside, 6.15 is the conservative target. 7 the rectangle target. And 8.70 the flag pole target.  Holding a small position for kicks.

UPDATE: Stopped out $5.60 post earnings 3/9/12