You are reading my mind mate that's exactly what I have been thinking as well! Nice to know I am not the only one. I have been following IBX closely since April and I have picked up on a few things about its price action. I think TA is great for short term metrics for SP but I always make sure to link any TA with the FA to construct a picture about the long term metrics for SP. The first time IBX hit 10c, there was a huge sell off where 120 million shares were traded and the SP retracted to 8c. That's when the majority of profit takers offloaded their shares. Then after a long consolidation of about 2 weeks in the 7.5c to 8.5c range the HREC submission update sent the SP rocketing to 10c again as around 80 million shares were traded. Its important to note that this wasn't an annoucement for HREC approval, it was just an update that the application for HREC was submitted. This caused serious FOMO as buyers rushed in with the fear of missing out on the actual HREC annoucement, causing the SP to bounce back to 10c. However, realisation soon hit short term traders that HREC approval takes time and they along with some long term traders who missed out on the first 10c rise, offloaded their shares, around 30 million shares were traded, caused the SP to retract to 9c and also caused a line of sellers at 10c to 11c, who are on the fence about the future of IBX. Today's price action was very pleasant for me, only 15 million shares were traded and the best thing is the SP tested the 9c support and bounced back. All that's telling me is that the majority of shareholders left, are mostly long term or medium term holders that want to wait for HREC approval before the next breakout on FOMO to 15 cents hopefully at the minimum, personally I would be more than happy with an SP that's anything above 15 cents pre trial. For the remainder of this week I will be watching the volumes being traded more closely than the actual SP movement, the best signs of a breakout would be contracting or narrowing bollinger bands in combination with an inverted hammer candlestick, keeping in mind this could be the signal for a real breakout or a false breakout, and unfortunately its impossible to predict whether a breakout is real or false until it fully plays out. Personally I am going long on IBX and I have already made my entry a looong time ago and I won't be exiting anytime soon, not until I can go to my GP and ask him how he is liking the new Magsense device (just kidding). I hope this SP breakdown provides a clearer picture for those who need it, just keep in mind that its just my prediction and I am heavily biased towards IBX, so its probably not all that accurate. Anyways please DYOR and nothing I have said is to be taken as financial advise of any kind.
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