Hi Steinl,
The current action is unlike what happened on February 14.
In fact, the current action is untypical. Friday's volume was the heaviest we've seen in the past 200 days. Even heavier than the big reversal day back on 2 September. (The big action can be easily seen in the price/volume candles on the above chart.)
Trying to put it into context.
From 12 March to 19 March we saw a surge in IMU price from 0.031 on 12 March to 0.035 on 19 March. 19/3/25 was a climax buying day - which predictably led to a sell-off - which occurred on 20 March. IMU down -7.5%. A big percentage drop - but nothing unusual in IMU's history.
Then Friday, 21 March is unlike anything we've seen in recent history, On Friday, IMU fell -5.41% to 0.035.
0.035 is a major support level. IMU found support at that level back on 21/22 Nov, again on 3-11 February, and again on 3-7 March.
IMU dipped below that support level of 0.035 before the current surge higher noted above.
IMU is now back again to 0.035 on massive volume.
That looks to me like "weak" hands selling off and "strong" hands picking up a lot of stock.
If that analysis is correct, then we should see further upside.
All speculation of course. I could easily be wrong.
Please feel free to disagree. This being IMU with its plethora of pundits only too willing to hurl insulting shibboleths at anybody brave enough to stick their head above the ramparts, I'm sure I'll see plenty of contrary opinions.
