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..
IGL Price at posting:
$2.15 Sentiment: Buy Disclosure: Not Held
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