IMUGENE CHART. TA only, page-485

When a down day is not a down day. IMU is breaking a lot of rules this week. Many signs have pointed to a retrace and breather from our big(relative to prior price) moves. Global markets down. Asx down. DragonFly doji down. We also have a confirmed, though small, bearish divergence on the daily indicating a volume shift from buyers to sellers. Is a divergence a reliable signal of a change coming? Have a look at the weekly and judge for yourself

Green w5 now lined up with the 200% for support. Neither of them is a strong level by themselves but it is on the weekly and that counts for something especially when paired.

The daily, with the exception of the minor bearish divergence, looks like it wants to have another run north. It will be interesting to see if the market just ignores yesterday and applies today's candle to the df doji. This can happen in very strong sentiment plays. Everyone wants in, so they ignore the bear indicators (yesterday's doji signal) and just pile onto the bullish ones like nothing happened (today's closing effect on the doji instead). The retrace/breather - if you can call it that - is all in green. The candles just look like they want to go higher again.


The hourly could go either way, it's could be a failed double top ready to try the support again. Alternatively there is clearly some sort of SR zone 0.255/0.260 and we have now closed above it for the first time. I would suggest that if we bounce off it (green drawn line mine) then our fib targets are on the table, first and most boring D1 @ 0.280 then D2 & D3. However, if we close above 0.28 then I expect D3 to be touched at 0.335, and if we get to D3 then I think we have a realistic chance of hitting the 423.6 purely on technicals and sentiment. Obviously I'd love for it to be as high as possible prior to our news, but realistically I'm happy each day we close at or above 0.230