Why I have BOUGHT into IMU..2-Jan-2024 : Keeping it Simple with...

Why I have BOUGHT into IMU..

2-Jan-2024 : Keeping it Simple with Price Action & Technical Analysis

IMU did the unimaginable when it sky-rocketed ~ 240% in just around 6-7 days in start of Nov'23.
I had it on my watchlist since then and was patiently waiting for an entry.
Here is my analysis on a 1D chart of IMU, of how and why I took a position at 0.105. My analysis can have mistakes so please DYOR.

* Fib Retracement is a very handy tool to show when to start looking at a stock that has corrected.
* I specifically look for strength between .38 and .5 levels, and a successful close above .5 is a buy for me.
* As can be seen, there was an established "Resistance" at the .5 Fib level of .115 [ RED Arrows ]
* For the last few days, .105 at the 0.38 Fib level was holding good, and this was after the price had crossed in the upper triangle.
* The DOJI candles gave me confidence,. and I entered at .105
* Now, it will be important to see, if the .115 resistance can be broken and it becomes the new support.
** The BLACK line also shows a "W" formation, with the price now at the mod neckline. Another positive.