Despite the recent sell-off in global markets, IMU has been...

Despite the recent sell-off in global markets, IMU has been doing relatively well.

The second bottom panel is the Mansfield Relative Strength Index which compares the performance of IMU to the XJO. Clearly, since early July, IMU has been performing better than XJO.

For the third time since early July, IMU is now above the zero line on the Force Index. (Force Index is based on a 13 MA of movements in volume and price). The previous time it was above zero was back in early January.

Currently, it is bumping up against the Point of Control - the area where most volume has been traded in the past four months. A break above that level should see the stock, once again, challenge the Fair Value Gap (FVG). It last tested that FVG back on 23 July. The more times it tests that level - the greater the possibility it will break.

That first FVG is at 0.063-0.067.

A break above that FVG would probably see a test of the next FVG around the 0.08 level.

Below is a One Month Chart with hourly intervals.

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IMU has formed a solid base. A strong horizontal support-resistance line has formed over the past month at 0.053. If a pull-back of IMU occurs, and it successfully tests that support level of 0.053, we could see it bounce up through the first Fair Value Gap.

On the one-month chart, all indicators are positive.

Take care.