Hey guys! So after fridays crazy da of trading thought id post this chart. We saw constant buying pressure throughout the entire day on friday with a huge volume (4th highest of the last 1 year of trading) even before the 14,594,048 shares went through at 4:28pm. We saw our biggest increase % wise in the last 1 year of trading aswell of 20.45%.
Looking at the chart we can see a few technical indicators being hit. The 0.236 fib line at .420 cents has held on multiple occasions indicating that the new base has been formed there. We tested the 200 days moving average on the 27th of Jan at .400 and held it well.
Friday saw a move above the 20/50/100 day moving averages all at once with minor resistance throughout the day at each of those levels before breaking through. We now see the share price above the .50% level (.525). We could see a re-test of the 50 day moving average at .510 and the 20 day moving average at .490 on Monday.
We're now trading in the "strong" level which is in my opinion anything above the .50% fib level. If we can hold above this level for the next couple of trading days I see that as bullish confirmation.
MACD has now crossed and its reasonable to assume we have quite a big run ahead of us just based on TA alone. Got some ground to make up aswell to hit the previous level so it should be interesting to watch how it plays out.
I've added another indicator on the bottom (ATR Percentage of Price). Found this indicator through another poster on twitter and after looking through the crossovers over the course of the last year , it tends to indicate a trend reversal 1 to 2 days before the MACD crosses over which is quite handy.
Now with all these technical indicators being met it's looking highly likely that we can have a run up and it could get quite aggresive if the buying pattern from friday continues. With
@Empboss letting us all know that a major player has now entered the IHL landscape (posibility of more coming) we can look forward to the next few weeks of trading. Leading up to major inflection points (OSA results, Nasdaq compliance listing) its an exciting time to be a shareholder!
We saw fridays move occur amidst a red day on the asx (XJO was down .98%). Volatility should be expected aswell in the coming weeks as the Macro environment evolves. There is quite a bearish sentiment sweeping onto the markets and it will be interesting how IHL will navigate this price wise as it is out of our control.
Cant wait for tommorow!
