IMUGENE CHART. TA only, page-28688

Swing trade #1
Prior analysis here (29/11)

Update #1 here (08/12)

Update #2 here (23/12)

Minor update:
Pulled up the charts this morning to see if there was anything technical happening that some of the JP Morgan folks may want to take advantage of. Nothing overly surprising, just more confirmation that we are entering a new Bull cycle.

Weekly

What I like here is that we now see the very basic requirement met - one you have all heard me comment on many times. Close above resistance, retest the level to validate it as support and then bounce off it moving higher again. The level is the 38.2% fib; last week began with a close above it. Monday saw a retest of that level followed by a move higher. I always like to see a bit more of a gap in time between the break and bounce. It's not critical in this case, however we may potentially be looking at a second retest, perhaps off the daily e21. E55 has now just ticked upwards to positive slope - we are now priced higher on average than the last year of weekly closes - a decent position to be in for the start of the action mid Feb - mid March. The e100(blue) and e200(red) are still pointing downwards slightly however they no longer have a significant bear influence on the price action. The e21 hws quite an aggressive slope now which should give us some added bull strength - we are unlikely to have any significant pull backs while the slope is so positive. Volume in general has dropped off for the holiday period, yet we are drifting higher rather than lower which would classically be the expectation. Perhaps a sign of good things to come, maybe the typical Feb-March might be too conservative and we could see things heat up sooner.


Daily
Daily also continues to promote a stronger bullish sentiment. We are due to come out of this consolidation period and I expect to see see it do so towards the upside. I've dropped a horizontal trend at 0.115 (dark pink) as this appears to be the most immediate support level evidence by multiple closes and wick bounces. We could potentially retest that level, or the much stronger yellow e21. A bounce off 0.115 would indicate mentionable underlying strength, however it is more likely to see the e21(zone) tagged. Either scenario is defined as bullish. All ema's are now positive sloped and getting close to being ordered correctly. As is always the case, we should expect to see the green w5 turn back down as the blue e100 crosses over the red e200 in the next month or two. It is that bounce where we are likely to be on our way to the first D1 target in a couple of years. Bring it!


If we continue to chip away bit by bit, then we should have a pretty good build-up of strength making a solid foundation for a strong move in q2. This move will likely already be well under way by April 1 though. Technically, this all looks great and is shaping up to be spectacular run in my opinion. We very well could be in the calm before the storm.