Well the retrace happened a little quicker than expected, but that's not a bad thing. Expect to see the price retest the key level of 19.5 in the next few sessions. Price over-extended on open slightly, possibly why the retrace was so quick. 2 scenarios from here. Call it a gap retrace if you like, but I prefer to view it as fib retrace which has been in play for months.1) Price fails to 'break through 19.5 and then bounce off it as the new support' resulting in Novembers long term fib trade concluding.
2) Price pushes through in the next retest of 19.5 in coming sessions, then bounces off it as support at least once and makes a new high. In this scenario we are still in Novembers Fib move and targeting the 200.0%(weaker resistance) followed by the 261.8%(strong resistance)
IMUGENE CHART. TA only, page-110
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Last
5.4¢ |
Change
0.001(1.89%) |
Mkt cap ! $389.5M | |||
| Open | High | Low | Value | Volume |
| 5.3¢ | 5.4¢ | 5.1¢ | $642.3K | 12.21M |
Buyers (Bids)
| No. | Vol. | Price($) |
|---|---|---|
| 20 | 1999820 | 5.3¢ |
Sellers (Offers)
| Price($) | Vol. | No. |
|---|---|---|
| 5.4¢ | 1148072 | 19 |
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| Last trade - 15.25pm 31/07/2024 (20 minute delay) ? |
| IMU (ASX) Chart |