IMO: Ascending Triangle, not confirmed (59,64%)(24/1000)(24/1000)
Ascending Triangle for IMO (chart on left)
Not confirmed.
Possible 59,64% gains.
This is solidified by the fact the SPN (energy sector, chart on right) is also building into an ascending triangle (not confirmed) with a possible 41,62% gain.
Now for the analysis of IMO:
Pros:
1- Bullish Ascending triangle
3- PPS above 50MA and 200MA
3- R/R ratio above 5
4- 250RSI above 50 and ascending
5- 50MA above 200MA
6- 50MA and 200MA ascending, though 200MA is not ascending by a lot
7- RS above 0 and ascending
8- Golden cross in blue
Cons:
1- Pattern Not confirmed yet. Waiting for the PPS to cross the resistance
2- Limited descending volume during formation
3- ATR descending, less volatile
IMO Target price is 92,67$.
Stay humble, have fun, make money!
MAAX!
