Rignet has been on a strong bull run since July after tagging $10 a share. We noted a target of $19 and then $24 when price broke above a channel resistance around $16.25. RigNet (RNET) Anticipated Bullish Breakout Target HitRNET Daily Chart(click to enlarge)ABC Pullback- We can see the bullish breakout on the daily chart and the subsequent extension to $19 and $24 in a very sharp swing. - Since then, price has retreated in an ABC fashion. - Price is testing a previous resistance that is already acting as support (around $16-$16.25). - Indeed, if price can climb back above $19 from here, we can say bulls are in charge.- But even if price pulls back a bit more, a hold above $15 would still be reflective of a bullish market. - The 200- and 100-day simple moving averages (SMAs) reside around $15. - Price would also be testing the projected channel resistance and if this factor holds as support, we would have more evidence of a bullish market.Weekly Chart Perspective:- As we can see on the weekly chart, RNET is not out of the woods yet in terms of the bearish market. - After all, price held under the 200-week SMA.- A hold above $15 and a subsequent climb above $19 would be a good sign. - Then, if price does indeed climb back to $24, we can expect it to extend further.- In this bullish scenario, we should limit our outlook to the $29.50-$32 area, which is a key support/resistance pivot area. - A break below $15 on the other hand, suggests the market is still bearish, or at most neutral. This would open up the $10-$12 low again.RNET Weekly Chart(click to enlarge)