Thought I would share some of my Chart posts on some of the stock threads over here with the STT community.
First have IAM, chart analysis for today's trading day.
Chart showing it's oversold on the 10min chart
It's bounced off support at 3.7, which it has done now 11 times including today (on the 10min chart)
Volume increased later in the day at this level, with some selling pressure into 3.8 with low volume parcel sold into the buy side. This was soaked up, it touched 3.7 and bounced up.
MACD in very oversold territory and signally a good entry and should start to move back up again above that pink central line into positive territory.
On the 10min, 30min, 60min and even the daily (just not as distinctive as yet) there is a clear accumulation channel developed, which when this was SRT is what happened, it settled into a trading range which was easy to predict the movements and it's been doing this again now. The trading behaviour hasn't changed, I would know i traded this very successfully and still have been.
In the SRT days it would remain in this channel, occasionally dropping out, either falling in sp or spiking up, but it came back to this channel and it's doing this again now.
It seems to have settled into a channel of 3.7 - 4.5 for an overall channel.
There are 3 channels; the overall 3.7-4.5, then the 3.7 to 4.3 and the true accumulation section which most bulk of shares are bought 3.8 - 4.1
Lowest I see it dropping is the Fib level of 3.65c so really 3.7c (maybe touching 3.6)
But should now remain in this channel as it has done before.
