IAM chart discussion only, page-796

Observation
Always a bit cautious of reading too much into trading patterns during short weeks especially the holiday-new year period.
As noted in my earlier posts this morning buyers waded in today and chased the price all the way to 6.5c. It held up really well before being sold down around auction time (profit takers). Some large parcels bought in today. Closing price 6.3c is right on the 50% fib line now (if the ceiling is taken as 8.3c).
IAM has held well on the support line 5.7c-5.8c and in the previous four trading sessions attempted to move up but was sold into (held down). Someone was keen to get off the train. That seemed to change today wthl around 19 million shares trading between 6.0c and 6.5c. Last week those same buyers could have bought in the 5’s. So what changed to cause the return of buyers?
I can only think of few scenarios 1. Fomo (as others have suggested) 2. News of MOU#2 is still coming this month (only leaves two trading days) or 3. With 19/19 compliance steps done and dusted MOU#2 is in the bag (aka cat is out of the bag!).
All in all today’s trading was positive. Will need to churn through more before getting past 6.8c and 7.6c.
One final observation about trading between 29.11 and 19.12. That was the period where price rose dramatically from 4.5c to 9.5c before retracing to 4.9c. This is the period where the price most likely rose in anticipation of MOU#2 news being released and then subsequently price fell due to profit-taking, fear and panic and the realisation that perhaps MOU#2 would not be released in December. If this period is taken as an aberration of the normal trading pattern and removed from the picture as I have done in the second chart, then one can see the formation of a bullish ascending triangle pattern.
Not into doing charts day by day as IAM is a long term hold for me as there’s so much to look forward to and the story just keeps getting better and better imo. In the interim let’s see what the rest of the week brings.