Thankyou Rolly.
Great day again - sticking to the current pattern of heavy buying late in the session. Regarding tomorrow's trade I would expect a fairly similar price action as we had today. A solid open, a breather followed by new highs in the afternoon giving us the highest close for the day/week we have seen. I think this because of the anticipation of results early next week. Why would anyone want to risk being out of the market when mess drops.
I respect almost everyone's method of buying and selling and ways of making their entries and exits, even those who doubt the value of charting. Admittedly there are plenty if people who have a crack at charting that aren't very accurate and don't promote the study well. For those who do doubt the value of technical analysis, I hope that this recent run up for IMU has shown there are benefits to it and next time you want to mouth off at those who offer technical analysis , you may want to consider holding back in showing your ignorance. Evidence shown below.
Many of us drew a Fib on the price action in November, and that gave us some key levels to watch out for in the future. And because of the way the price has reached these levels I'm going to include a bonus one that doesn't often get used but IMU's chart has a good a chance as any of getting there. Those levels being:
- 161.8% at 0.195
- 200% at 0.230
- 261.8% at 0.280
- And the bonus 423.6% which comes in at a very nice 0.425
These numbers were there for all to see in November but have only just had an effect on the share price 6 months later.
@coolgrey if you read this, I hope it answers your question in a visual way if long term (fib) analysis is relevant. For the day traders who don't give a rats about long term time frames and analysis, there have been some nice opportunities for profits from these key levels, simply because the higher the TF the heavy the weight carried.
Here is the current daily chart showing the key levels. Note how all our MA's are gaining steepness, this is a strong momentum move, and while we will see pull backs they won't be sustained. We should be in a nice trend of generally higher highs and higher lows. For those who are in and out each day, suggest that you get in earlier and get out later, at least for the moment.
The hourly chart gives us a solid support at 0.23 with the yellow e21 matching up with the fib. Price will want to come back to the e21 but don't be surprised if 0.28 is touched first. We are riding a nice upwards channel atm.
And finally the 15min chart showing this fib in action. No other technical reason did the price reverse here and signal a bounce and an entry opportunity. Once the w5 turned upwards we left the station.
I'm expecting to see 0.28 hit tomorrow. If that doesn't happen until the afternoon session then we could go higher on the momentum. If we hit 28 in the morning then we could see a close around that level. I could not want anything better technically than to be holding the 23-28 range(between fib levels 200% & 261.8%) going into some highly anticipated news releases for the next week or two.
(20min delay)
