INOvio in a good position to go higher up, but in a lock atm
There is an interesting lock the stock is in now. It is in-between several key lines and the following days could tell the short-term future of the stock. for now it has been keeping itself on top of 2.50 as it is a key level.
Several points lead to a higher position from here.
- Major point: DMI, MACD, RSI, Stoch and Acc/Dist show potential up side from these levels, though it may dip lower before that as MACD, Dist, and Rsi have some room to dip to the lowest part of the range
- The price bounced a bit from an area that is within the lowest range of the up-trending channel [green dotted line built from week/month view] .
- Wave counting gives a hint that it is either in the last wave still or ready to change the trend and get into a new wave count, with first one leading higher.
- Price bounced off a strong support level [blue dotted line] several times in all the past sessions
- Price seems to keep within the 150 DMA
There are several indicators of a possibility of going lower:
- The recent trading volume is weak, indicating not enough steam to push it through the recent down trend [red-dotted lines]
- A series of lower highs within the day view coupled with the first negative point shows the mood is for going lower.
- Dipping lower 200 DMA may lead to a spill, next resistance at ~2.00 [horizontal red line]
- Given the low volume, it is more probably the price will go down to 2.00 and decide its further action from there. It will still be attractive up to earnings at the price between 2-2.50
Several points lead to a higher position from here.
- Major point: DMI, MACD, RSI, Stoch and Acc/Dist show potential up side from these levels, though it may dip lower before that as MACD, Dist, and Rsi have some room to dip to the lowest part of the range
- The price bounced a bit from an area that is within the lowest range of the up-trending channel [green dotted line built from week/month view] .
- Wave counting gives a hint that it is either in the last wave still or ready to change the trend and get into a new wave count, with first one leading higher.
- Price bounced off a strong support level [blue dotted line] several times in all the past sessions
- Price seems to keep within the 150 DMA
There are several indicators of a possibility of going lower:
- The recent trading volume is weak, indicating not enough steam to push it through the recent down trend [red-dotted lines]
- A series of lower highs within the day view coupled with the first negative point shows the mood is for going lower.
- Dipping lower 200 DMA may lead to a spill, next resistance at ~2.00 [horizontal red line]
- Given the low volume, it is more probably the price will go down to 2.00 and decide its further action from there. It will still be attractive up to earnings at the price between 2-2.50
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