Wednesday, March 11, 2015 6:14:49 PM
http://stockcharts.com/h-sc/ui?s=IDRA&p=D&yr=0&mn=6&dy=0&id=p84692141054
This is all based on no news to trump the chart or institutional buying of size.
Indicators are suggesting more down.
The top down trend line from 5.24 has upward price movement restricted. It is resistance.
The convergence negatively of 3 ma's which were closed below today are are most pressing resistance unless not confirmed tomorrow.
Todays 4.30 low is first target. If that falls then adx black line (trend strength) will begin to switch to heading up with the -dmi red line. If that occurs then the downtrend is strengthening and the black line will become the prime indicator of direction trend strength. If that occurs then the bottom BB will become the target (currently 4.14, but changes with price movement).
If that occurs then the lower bb will start turning down and $4 is in play followed by $3.75. The lower bb plus strength of trend are the key clues for that.
That pretty much covers all the down action possibilities.
Personally, I will not re-enter until I get bottoming signals.
Be Green Always.
IDRA
Great to have another opportunity to buy.
PS...Note that we closed right at the top of first leg of run in Dec. and retraced before breaking up again. So always the possibility this is it. The indicators don't confirm that so why I posted possibilities downward.
PPS...the $3.43 red candle low of the Dec retrace is a possible low target. To break that would require something very negative to offset the Baker buy and the 3.75 low after their buy.
All just one tea leaf readers opinion and for entertainment use only not trading advice.
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