IMUHi all, hope you're doing well. Me again re IMU.
Daily chart time frame looking very good imho;
- SUPPORT beneath:
- 9 day moving average @ 26.5c
- 20 day @ 25.25c
- Bollinger band - green candle has now broken to upside of bollinger band squeeze just like it did on the faster hourly time frame last week
- RESISTANCE above:
- 50 day moving average @ 29.75c (first target)
- 23.6% Fibonacci Extension level @ 30.75c (second target)
- 200 day moving average @ 34c (third target imo)
DON'T FORGET that Bell Potter is in for 75mm shares at 49.5c and will have probably recently switched their loan book hedge from short to long in the low 20s. For us noobs, it's important to understand that banks/brokers/instos often take the 'other side' of the bet to hedge their risk exposure within their own books. Market players are turning long here, algos are obviously running this way imho.
All imho & dyor.
Have a great end to the week
