IMUGENE CHART. TA only, page-17789

It would be nice to get some more positive news in the next few sessions. These fundamental confirmations so far have provided us with with the bottom of the run and a return to the long term bullish trend. Anything further should by rights continue to push us higher now, as opposed to being sold into on the way down.

Taking a quick look at the daily chart for mid week - I am anticipating weakness tomorrow. Our major resistance zone between 0.295 and 0.320 has failed to be breached through and we have only had one initial close above the second hurdle - the 50% fib at 0.295. We've been using the interim minor fib as support at 0.285 but this is unlikely to last much longer, although I would love to see it hold out to give another attempt at a close above 0.295.

The s200 continues to edge lower and will hopefully dip under our price given enough time. If we can't get above that next major hurdle of 0.295 in the next couple of sessions (unlikely imo) then we are inevitably going to be retesting its big brother again - the 61.8% at 0.245. If we do, and produce the ever sought after bounce, then I will have significantly more confidence of technicals being able to push through.

Also to be noted is the confirmed bearish divergence now that is adding downward pressure on our price. I expect to see the week finish down and our green w5 start to dip back towards the red e200 to give it a final goodbye kiss before our major bull rally. The e200 now has positive slope as well so this will add upward pressure. I would also suggest we may see shorts continue to shrink if we drop lower as this is beginning to show real signs of a significant run taking shape. Perhaps that could even be confirmation of our upcoming retest of major support below us.

As always, any fundamental adjustments will take priority to current price action and expectations. Any positive indications on cf33 and there is not a resistance level in sight that will pull up the appetite of buyers. Until something like that happens, the game is Technical with momentary sparks of the excitement.