Rignet Inc. $RNET has broken above a falling trendline in February, but has so far failed to extend that breakout in March. The firm rejection around $16 per share suggests bears are still in charge. I would expect more downside, at least to retest the support in the $11.20-$12 area. RNET Daily Chart(click to enlarge)Failed Bullish Breakout?- The daily chart shows RNET in a bullish breakout in February. - But as we mentioned, price failed to push above a key pivot around $16 several times. - Now, price appears to be falling back to a recent support pivot around $14. - With price back below the cluster of moving averages, the price action picture looks more and more bearish in the short-term.- A break below $14 would probably open up a bearish push towards the $11.20-$12 area. - I wouldn't be surprised if price falls lower towards $10 before finding strong support.Range Support:- As we can see on the weekly chart, RNET has been in a sideways consolidation range since 2016. - Before that price action has been bearish. - Thus, it should not surprise you if price visits $10 again.- From $10, I think RNET would have upside towards $15-$16 in the medium-term.RNET Weekly Chart(click to enlarge)