ASXCharts - IVE Group - Technical Analysis Only

19-Mar-2024 : Keeping It Simple with Price Action & Technical Analysis

Interesting story build-up on the IVE group charts...
Lets look at the Weekly chart and analyse..

This is an output of a random screener. I dont own this stock and my opinion is not a recommendation.. and DYOR

* Very clear SUPPORT and RESISTANCE zones when we look from a higher weekly level.
* The BIG Green candle on 18-Jul-2022 alone established the 2 extreme levels. That was more than 20% in 1 week.
* We see a Heads & Shoulders pattern forming, with the neckline being the top of that GREEN candle.
* Once that level is breached, the stock crashes to around 1.7... and lo & behold.. that's the same support of the BIG GREEN candle
* With the SUPPORT once more established, the price has moved up and crossed the immediate neckline resistance.
* However, it has corrected back to the same level, and now we see a green candle that has NOT breached the previous week's low.

What we want to see now ?
* The price in this week of coming weeks should rise up and atleast cross the mid level of that immediate RED candle.
* It should trend higher and cross 2.30, which will show good gaining strength to then tacke the resistance right above at 2.5
* If it crosses 2.5 ansd then 2.7, then its a clear blue sky from there... Cant see any resistance to the price on the left side after that... So new trend will form new zones..

Good Luck..