100% agree.
I too was seeing the same flag pole pattern... more specifically this particular flag pattern is a Pennant. This pattern has work brilliantly for me in the past.
I now see a clear PENNANT chart pattern (I wont recreate an IMU chart as @unbelievable was ideal). The pennant is identified by an initial large price movement indicating high volume transactions (flag pole), followed by weaker price movement (consolidation/ uncertainty) (pennant phase). Investors/traders can capitalise on the breakout phase by placing entry orders at or above the upper side of the pennant.SHORT TERM PRICE TARGET (PT) =18c - 20c (My timing: around the time of the AARC in early April)
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This also ties in well with the two analysts PT's: (although these are longer term PT's, what we experienced was that the longer term PT were easily achieved in the short term)
Bell Porter research analyst report (dated3 Dec 2020) - Price Target 17c.
- IMU20201203.pdf(squarespace.com)
Roth Capital research analyst report (dated 8 Mar 2021) - PriceTarget 20c.
69e0caa5-d424-4e85-ae95-297ffc180222.pdf (squarespace.com)Previous Analysts Reports:
- Bell Potter (dated 13 May 2020, when shareprice was 2.9c) - Price Target5c (reached in just over 2 months on 22 July).
- Roth Capital (dated 1 Oct 2020, when shareprice was 5c) - Price Target13c (reached in less than 2 months on 24 Nov).
My conclusion/ My View:
· Both Bell Potter and Roth Capital have historicallydramatically undervalued IMU with their 12 month price targets
· Both Bell Potter and Roth Capital have hit their 12months price targets in around 2 months.
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· Average Analysts Price target of 18.5c to be reached (possiblywithin weeks/months based on previous analyst report track record!!)
