IMUGENE CHART. TA only, page-390

@YLJ

Hi mate, my background is a technical day and swing trader in forex. My buy into IMU has and always is fundamental. I enjoy tech analysis which is why I post, however do not use any of it on IMU because I don't sell, I've only bought and held, I built my position under 2.8c. That will average up when I convert options. I sat through some draw down which is always painful but glad I did. Those who bought at highs of 6c, 12c and now today, all sat through some draw down. but the results will be the same, whoever holds now will be glad they did, down the road.

Everyone does tech analysis different, and much of it there is no right and wrong. Like fibs, I've found that trying to apply rules to fibs will work against you eventually. The best advice I can give anyone on fibs is to ap
ply it to 'best fit'. Generally speaking, I use the candle highs, not close highs. Lowest point of the move/swing to highest. I then look at the key levels and previous price action surrounding them and adjust the start or finish to best fit the key levels.

Regarding today -
I'm a little disappointed to not close near the highs, but as has been pointed out this retrace is healthy. We have gone a long way up without much of a breather, and all indications point that it wants to keep going for now. Having said that a breather doesn't necessarily mean a pull back. A healthy breather can be a period of time in a tight horizontal channel. My hope as expressed earlier is to maintain our price in a channel between 0.23 and 0.28 until news. This will allow the necessary cool down without impacting the price.

As Slick said, we must have a breather and there is still no real signs of the bears having a turn. I would say that without a news event it is critical to have a pull back or some sideways movement. Without it we will all be cranky with the correction. It's good to see that we didn't get back to 0.23 today. If we do get back there, and it's definitely possible, don't panic because I think 0.23 is quite a strong support level. The bounce will give us a better chance of getting through the next level.

Enjoy your weekend, we've had a stellar week of correction finally, and likely not the first. We have a number of very important news events due in the next few weeks which should give a whole new wave of buyers concern at the breather which will take place then, albeit at a much higher price than here.