g'day coppa, I think your FA is viable, and say again, hope there will be ann tomorrow (Friday), Monday at the latest. If not, I think the probability is that it will drop to around 8cents. Someone with market power is really keen to see IOT around 10 cents.
I had a look for the thread "IOT Charting", but it looks like no new comments there so I'd like to present my take on TA on this thread. Hope that doesn't upset anyone.
Yesterday I mentioned the dichotomy of Pennant (strength) vs other signals (MAs and Volume weak) but I think today's trading has developed a couple of trends worth mentioning.
The chart is below. I'd like to hear opinions from other chartists, please.
My thoughts:
♦ Fib (purple) is showing support at 50% and the price is holding at or above that level ie around 9.3 cents. If IOT
did not have underlying FA strength, it would have fallen below Fib 50 with the recent low volumes.
If some fundamental info is not presnted to the market soon to support the SP, it may well drop through 9.3cents and the next support would be at the Fib 61.8% level which is around 7.7cents.
♦ The pennant is still in play
♦ the Bolls +2/-2 (green) are closing under the impact of consolidation of SP. This indicator is (I believe) neutral in this scenario.
♦ MA's (pink and blue on chart) continue to show some strength.
♦ Volume (underneath chart) is improving but still not strong.
♦ The MACDs over volume are not strong
BOTTOM LINE - we REALLY need an announcement !!
I have changed my sentiment from Buy to Hold. All IMHO and DYOR. Good luck to all holders.
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