Quick look atASX:IXRafter a big end to last week.What has...

Quick look atASX:IXRafter a big end to last week.

What has happened?

• After a huge run up between May 2019 and October 2019, IXR topped out at $0.015. During the ensuing months, IXR found support at the 0.5 fib resistance (Support 1) which held until COVID-19 when this level turned into resistance (Resistance 1).
• IXR bottomed out at the 0.786 fib resistance level(Support 2), confirmed by the WVF market bottoms and MACD crossover.
• IXR has since been in an uptrend and has broke through Resistance 1 and Resistance 2 ($0.013) - which has now turned support (Support 3).
• The previous high of $0.015 was broken through in early October and up until Friday had formed a new level of resistance (Resistance 3).

Where to from here?

• After Friday's +18% day, expect new support at either the previous Resistance 3 ($0.015) or Support 3 ($0.013).
• MACD crossover indicates potential for some more green days, however both the MFI/RSI/Stoch are all heading toward overbought. Based on this it would be worth watching for retracement to one of the points above.