IMUGENE CHART. TA only, page-4376

Here's a long-term view of IMU using a monthly ichi-moku chart:


IMU topped in Jan 2007, and fell into a bear market which lasted into 2013, over six years. The bear market is delineated by lower highs and lower lows.

IMU then entered a period of accumulation from late 2013 to late 2016, where the smart money was scooping up shares.

The series of lower highs and lower lows finished in lat 2016 with a higher low.

Since then we've seen a bull market with higher highs and higher lows.

IMU stalled in May, 2021 when it tested the high of Jan. 2007.

We need to see a monthly close above the last dark blue candle current in July 2021.

Two Zones of Market Inefficiency are marked on the chart where IMU pushed much higher without much resistance. The lack of selling can be seen on the left-hand side where Volume-on-Price is shown on the chart. Volume is virtually non-existent in those Zones.

Zones of Market Inefficiency often act like magnets for price.

IMU could push higher here if it can rise above the selling which occurred in July (last dark blue candle). If it can do that - it must then challenge the recent high set in May 2021. If it fails that test, then the first Zone of Market Inefficiency comes into play.

Given that IMU in May 2021 failed at the old Jan 2007 high, puts the current bull market in doubt.

Of course, the rusted on IMU bulls will say that news will catapult IMU higher. If that doesn't happen, their enthusiasm won't be dented. They could see, however, much of the recent great gains start to evaporate as the Zones of Market Inefficiency pull the price back down.