Is IIG ready for a bounce off its very lows? Like to have a technical picture?
Consider the following:
1. Break down from a "plateau" or "ledge" in price after holding on at that same level for 3 days
2. Next a descent of 6 days - consecutive drop - where I would classify a drop of 5 days out of 6 to be very likely to lead to an oversold position
3. Next reaching -100 in the Fractal Analysis chart- a position where it had very often rebounded from its lows as seen from the chart.
Assuming the fundamentals are intact,would I dare say the signs are all there for us to make a reasonable deduction - the stock is oversold and ready for a short bounce?
Cheers!
PS. Ignore the title Relative Strength Index on the chart- it was a closed window pane irrelevant to the discussion.Sorry and thanks!
IIG
integrated investment group limited
