Is Robotics getting ready for the next move up?GETTEX:IROB has been in a strong uptrend from 2016 to 2021 with a performance of 260%. Since then it has been in a corrective movement on this. The most likely scenario (70% of the cases) is that this results in a Higher Low and another strong or weak move up. This scenario is valid as long as the price navigates above the Weekly Demand Zone.
There are now two possible scenarios. The first scenario is that the correction has already been completed with a C down in October 2023 after which the follow-up movement up has started. See the chart above.
For this scenario it is important that the price no longer closes below the Daily Demand Zone as indicated in the chart below.
As long as the price does not close below the Daily Demand Zone, the downward movement from March is no more than a corrective movement downward and a strong or weak upward move will follow. This move must generate sufficient buying interest for a strong continuation to take out the Weekly Supply Zone.
If the Daily Demand Zone is taken out at the bottom, there is a good chance that the Weekly corrective movement has not yet been completed. In that case, a C downward movement can still follow towards the Weekly Demand Zone. See the chart below for this:
The important zone to keep an eye on is the Daily Demand Zone. As long as the price moves above it, the sentiment is positive and the chance lies on the upside.
