29-Feb-2024 : Keeping it Simple with Price Action & Technical...

29-Feb-2024 : Keeping it Simple with Price Action & Technical Analysis.

My follow-up update on IMU;
That post I did back at the start of Jan'24 explaining my analysis of why I entered into IMU around .105, turned out to be a nice educated entry.
It has been a patient position, but the strength in the charts has kept me in.
2-Jan-2024 : https://hotcopper.com.au/threads/imugene-chart-ta-only.5967260/?post_id=71698843

Here is looking at IMU's 2-Day chart, and what I feel about it now..

• IMU made a surprising jump back in Nov '23, and within a week gained almost 250%.
• It has made a healthy correction since and first found support at .38 Fib level, and then at 0.5 Fib level.
• We then saw a big Bullish engulfing candle as a show of strength in start of Feb'24, and as we can see... the price hasn't closed below half of that bullish candle since then.
• In fact, we have seen the price trending UP along the dotted green line, inching towards the immediate big resistance at .786 level.
• This is a close call now and can go either way, but the strength we see on RSI should make the bears a bit nervous for sure. I won't be even surprised if the stock gapped up in the next few days taking everyone by surprise again.

I hold the stock and my analysis can have mistakes and may be biased. DYOR and don't trade without a stop-loss.. This one needs a bit deeper stop-loss..
Happy Trading..