EIQ is still in an uptrend. Uptrend is in danger of...

EIQ is still in an uptrend. Uptrend is in danger of turning.

Interesting charts above. LTP is worlds apart from EIQ. Having said that, LTP has literally crashed to 78c as of this post being written and EIQ has effectively gone sideways since mid Dec. Sideways range trading is not necessarily a bad thing, much better than if you bought in LTP at the $2 levels only 3 weeks ago.

Back to EIQ. There are a lot of trapped positions at the 28c level where heavy resistnce is present and is the cause of the current price being pressed down by those wanting to get out at a small loss and move elsewhere while waiting for the next move. The sideways movement could go on for months, or years and turn into a downtrend very soon as EIQ has had a history of sleeping for 1y to 3y before the recent move higher since Sept 2024.

Support levels are at 22c, then levels below that can be found at 17c, 13c, 10c and 4c. Price action since start of 2025 is somewhat bearish showing signs of distribution rather than accumulation as buyers failed to take price no higher that 25.5c before sellers swooped in and kept a lid on price to close at 24.5c on Friday 03 Jan.

Today sellers moved in with greater conviction taking price down to 22.25c from yesterday close at 24c possibly bringing new short sellers with them too. As long as price remains below 25.5c then sellers may be furthering their advantage as profit takers who got in at 14c and below can easily sell at 28c and slightly below for an easy double.

Bulls need to see price STAY ABOVE 28c for uptrend to continue.
Bears gain control once price STAYS BELOW 22c.
Chop zone is 22c to 28c

Currently, buyers are thin in order books and seem to be lacking in strength and conviction.
Bears seem to be feasting and winning at the expense of bulls at the moment. They were less than half a cent to turn EIQ into a downtrend!