The movement to 9.5c originally started off a base of 3.1c, with several touches prior to launching. Hence, I have marked this as the next logical support level. The current trend is most certainly quite obvious, but there may be some short term relief as evidenced by the recent Hammer candlestick formation on today's daily close. This formation typically signals respect for a support level and a reversal of the current downtrend. If there is to be a reversal, my thoughts are that it will be short term only. If I personally were looking to buy back in, I would be looking for a strong base and consolidation over a period of a number of months (this is not advice).
Very basic chart below indicating fib, up-trend (and original break of this) and next determined support level.
IAM Price at posting:
3.6¢ Sentiment: None Disclosure: Not Held
