Let’s review
IAM shifted into 3rd gear in anticipation of announcement re MOU#2 (touted as being much bigger than Sentry and a household name = M1, M2, M3. It has been said many times that Sentry alone could achieve M4)
Excitement and buying frenzy pushed price to peak at 9.5c
Company always said that if news wasn’t forthcoming in December then it would come in February 2017
Sell off ensued as realisation set in that December news was not likely
Sell off snowballed as fear and panic set in
Charts (with the benefit of hindsight)
8.3c to 9.5c looks to be in overbought territory
Resistance imo is at 8.3c
Today’s closing price is sitting just on 61% fib retracement line of 5.9c
Good news is IAM has been here before
Just after listing touched peak of 4.5c and slowly retraced to 3.1c as investors/traders/speculators got frustrated with lack of news flow (approx. 61% fib retracement)
News flow came, confidence grew, realisation returned that IAM was onto something pretty special = goodbye 3.1c
What to expect next ($64 million question)
TA
Let’s see where the psychology of the traders/market takes us at the end of the week – picture should be clearer
Fib retracement lines (=psychology) suggest 5.9c/6.0c is a critical point of support
Question is whether it will hold. Will traders have the patience to wait till February re news of MOU#2, versus investors seeing any shareprice weakness as buying opportunity
FA
Fundamentally today’s news strengthened IAM’s position as a market mover/shaker especially in relation to roll out plan re Sentry; progress re MOU#2 and; continued strong demand from AFSL license holders and financial planners.
Actually two aspects brought forward with announcement of 3rd GLOBAL processing platform and appointment of Tim Thornton as CTO
Lots of news to come in January-March 2017
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