IMU (ASX) IMUGENE CHART. TA only

Originally posted by Zior: ↑

Previous analysis here.
Update on analysis here.
Previous wave3 thoughts here.
Recent volume analysis and upcoming resistance levels here.

Time aside, this is playing out as expected and hoped. This is encouraging for me, to see a return to technicals and price action becoming more 'normal' and predicable. I hope that it continues. Let's see what happens with the interest rate ripples.

We've had some important technical bull events over the last couple of weeks so let's revisit and update them. This will build on elements of the prior analysis linked above so feel free to re-read them if you have nothing better to do.

Monthly
We've started a new monthly bar now. The candles, particularly the wicks, tell the story here. Long wicks on the bottom show smart money taking advantage of every drop down. Bears have not been able to close a candle near the lows with the exception of that massive bull-bear tug of war when we first approached the 61.8% at 0.245. In addition, the May and June candles are synonymous with a bottom forming pattern, wicks and candles indicating fairly even strength across the battle field. The monthly e21 (yellow) unfortunately is strengthening the first hurdle as it is doubled up with the 0.245 fib level. This level will fall of course, however it is assisting the accumulators for now. The cyan e55 is a relatively unused MA, however it acts as a strong S&R level. Good news is that it's our support and has repulsed attempts to close beneath it.

Weekly
The larger the TF, the more weight it carries. The larger the Support/Resistance moving average, the more weight it carries. It is not at all surprising then to see the price bounce hard off the weekly s200 MA at 0.1325(now at 0.135)dotted red. We had a good volume week last week, and we are running on bullish divergence. Immediate resistance above us is the e21 which is a beast in its own right at 0.225. This is the level we are currently playing with, however the main hurdle remains since April at 0.245, when we dipped under the 61.8% long term fib. Once we crack that level with a retest in the form of a bounce then we can all start to feel a lot more positive moving forward.

Daily
The daily continues to offer encouragement for us. We've now closed above the e21(yellow) again, but significantly this is the first time since our down trend began from the all time highs that we have successfully held up a retest and bounced off it. This is now our validated new support level. While not a guarantee that we won't go under it again, it is certainly an indication of technical bull strength. Our larger MAs are softening slope, the e55 and smaller MAs are increasing slope in our favour. The green w5 signal line has even bounced off its the e55 and on the move again. We've been playing off some minor bullish divergence as well.

I would anticipate an attempt at the first hurdle again in coming sessions. I'd love to see it fall this time, but we'll just have to see how it plays out. The bounce we see off the e21 above is ideally what we want to see from the 61.8% fib. Once this happens, then everyone can begin to relax again. Long term analysis has indicated this bottom forming for the quite a while now, despite shorter term analysis suggesting more pain over the last few months. If you are more interested in the long term game, then feel free to start to relax. My opinion is that we are now in the infancy stages of a major wave 3. Lots of smiles should be on the path ahead.

Expand

Below is the hourly chart, the yellow dashed line represents the weekly e21 level. Ideally this will break and bounce on the hourly so we can can have a decent run at the first hurdle of 0.245. Failure to crack the e21 soon will likely mean we will test our support level again as this is starting to round out like a short term top. Hopefully we pop through.

Hourly

Daily

No.	Vol.	Price($)
5	183489	8.1¢

No.

Vol.

Price($)

183489

8.1¢

Price($)	Vol.	No.
8.2¢	353174	10

Price($)

Vol.

No.

8.2¢

353174

No.	Vol.	Price($)
27	1366007	0.081
25	1130001	0.080
19	1528331	0.079
16	1115671	0.078
10	688693	0.077

No.

Vol.

Price($)

1366007

0.081

1130001

0.080

1528331

0.079

1115671

0.078

688693

0.077

Price($)	Vol.	No.
0.082	355682	10
0.083	1231641	13
0.084	1132965	11
0.085	2312588	15
0.086	1240959	11

Price($)

Vol.

No.

0.082

355682

0.083

1231641

0.084

1132965

0.085

2312588

0.086

1240959

(20min delay)
Last 8.1¢		Change -0.001(1.22%)		Mkt cap ! $600.2M

Open	High	Low	Value	Volume
8.2¢	8.3¢	8.1¢	$509.8K	6.245M


Last 8.1¢		Change -0.001 ( 1.22 %)
Open	High	Low	Volume
8.2¢	8.3¢	8.1¢	2140490
Last updated 12.25pm 06/05/2024 ?

IMUGENE CHART. TA only, page-16315

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