Did I see weakness today? Yes if I was a trader looking for a 10-20% return....
Did today bother me as holder..Nope
Here's why
Todays action:
So yes there is supply above. There is also demand below being sold into but not breaking yet. Going to take more effort. Right now at 4.5 its a tug of war.
Now take a breather, look at the larger picture and tell me where its weak?
What a journey it has been. Todays action was nothing to what we went through in the past. I have never been in a stock that has held up so well over such a long period of time and still is in its baby steps.
So yes if you're a trader and holding this I'm sorry but its weak for you. If you're a ST/MT/LT holder we are in an uptrending channel with a tonne of recent demand right below. You're going to have a good time.
What I like more about this chart is IAM looks freakishly similar to RAP. Thought I'd pull out a few RAP charts from my diary:
IAM's channel movement looks incredibly similar to RAP. We just had our second touch of the top side of the channel. Now we may just coil until news has been released end of december?
So alot of people thought it was over for RAP when it dipped down not noticing the larger picture but concerned with couple days movement.
Soon after you have this. Green arrows showing my entries. I didnt even have the balls to hold it until dark cloud cover lol impatience got the better of me.
But personally as a non-holder I thought at this point of dark cloud cover it was surely over.
Soon after reached the 50's.
IAM visually is where RAP when it first touched 18cents on the chart. Both RAP @18c (had) and IAM now have a tonne of newsflow and catalysts to push it further.
I have a decent sized trading parcel that I got on the dip to low 3's and today couldve sold it into the intraday weakness.
Took a breather and thought if I dont need the money then my only reason to sell would be if I feel this is the end of IAM's run and it wont move higher. I managed to get share at a price two weeks ago some would kill for rn lol.
With all the newsflow coming, big partnerships, M4 being easily reached with just Sentry and a much larger revenue figure in mind, the want to create an industry, excellent management (Hello Patrick I know you're reading - don't ever change every management team on ASX needs someone as engaging as you) this is the start of the road for us with todays action not even merely weak looking at the bigger picture technically and fundamentally.
Thankyou to both
@Pinkie38 and
@forrestfield who provided great summaries of whats coming and allowed a glimpse of the bigger picture
Here's hoping for another RAP chart lol.
