After re-reading the thread "IHL - INCANNEX - Takeover that exceeds a valuation of $10b?" and revisiting some of the details on Robert Clark's contract, I got quite excited and have been analyzing the charts a bit. This is a very bullish, long-term idea based on the monthly chart.
If the pattern we are currently trading appears to be a cup and handle (which it indeed seems to be - it looks like a classic example of a cup and handle), its target is, interestingly enough, $7.40 AUD which coincides with IHL's all-time high from when the company was launched back in 2007.
From past swing low to swing high, we have retraced exactly to 0.618 on the close of our previous candle. This appears to be the S/R flip from an inverse head and shoulder pattern. Once this pattern broke out in Nov 2020, it soared to its high of 75.5c and has since been dropping in price inside of a very distinctive falling wedge. This has evolved into what seems to be now a cup and handle. Another coincidence is that our previous monthly candle, which was set on the 0.618 fib retracement at 10c, has also marked the end of the last cycle according to the trend-based fib time measured from the swing low in March 2020 to its swing high in Feb 2022.
Considering what happened in the NASDAQ this week in relation to IXHL, and what seems to be happening in IHL at this very moment, it appears that we are breaking out from the pattern during this July 2023 candle.
It's only a matter of time. Good Luck everyone.
