looooooong gone !!!!!!!!
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Demus,
Supports are supports, and resistances are resistances
So even though it closed ONLY .005 below the support, the support IS broken.
Now, I'm not going to sit here and tell you that the pps will not go back up from here, and eventually be supported at .30 again ( or .31 or .32 etc)
But what I will say is that the ODDS of it going down from here, predicated on MORE THAN just the support / resist levels, are greater than for it to go back up.
That's all TA can do for one. Betters the odds of being on the right side of the trade. NOT TEA LEAVES, NOT CRYSTAL BALL !!!
And it takes a lot of study and experience to become adept at reading the charts.
Yes, that happens, but it is still part of the entire dynamic that makes the market.
Whatever the reason, from a technical point of view, the effect on the pps is what counts.
The MMs are a fact of life here - like it or not, we have to learn to live with them. And they have a heck of a lot more to say about what the pps does than we "small potatoes" here on this board .
bb-FYI-charts are best assessed at the close of trading.
Lots can happen in 2 hours !!!!
I'm not going to spend a lot of time explaining what has taken me 10 years to learn to someone who has expressed an opinion that (paraphrasing) charting is meaningless.
Suffice it to say that there are many other parameters to look at when assessing the chart patterns. I keep 5 charts on every stock I follow - it's putting all the info together that leads to a conclusion.
Yes, supports and resists are very important, but don't tell nearly the whole story.
I will say no more re this subject as I don't want to spend any time on it.
It certainly shouldn't have, and it is a reality check.
We DO want reality, yes ?
Weekly Chart..............
Is showing same inherent weakness in the momentum indicators (red circles) on a longer term basis
Has closed below downtrend line after attempting a breakout, which failed.
Wish I had better news, but I see what I see.
IMO, nothing will prevent continued breakdown except good news. Left on it's own, it will test the supports below one by one until one of them holds.
http://stockcharts.com/h-sc/ui?s=IMGG&p=W&yr=1&mn=3&dy=0&id=p00095695921&a=207192102
Bust-if I posted the chart without an explanation, what good would that do?
There are a few posters here who would get something out of it, but most wouldn't have the foggiest idea of what the chart meant.
So, I have 3 choices:
Post as I have and give my opinion re analysis - and you will have whatever judgments you have, and hopefully others here will derive some benefit from my post
Or- post a chart with no analysis = useless
Or- not post any charts = would be a time saver for me, as I will trade as I trade whether I post here or not.
Bust-I try to be neutral in my analysis. I do not reco buy or sells.....I just tell what I see and my interpretation of same, and granted it is my interpretation based on many years of study and experience.
You ask, "That being said, and with all those that believe you have some ability with your charting, do you think it's responsible to say these things?"
What would be more responsible, NOT saying what I see?
So what would you have me do?
Chart update...............
The .30 support is being challenged as I type - although low volume at this time.
With the overall weakness I see in the momo ind, if I had to bet, I don't think the .30 will hold ( without good news)
.24 is next support, and as long as those momo ind stay as negative as they are right now, that will be challenged also.
http://stockcharts.com/h-sc/ui?s=IMGG&p=D&yr=0&mn=5&dy=0&id=p96460337116&a=195071609
Don-I never said nobody knows anything !!!! If I did, then I did not mean it to be taken literally, and I apologize.
What I meant was that nobody here really knows what is going on with the FDA. Not to know that at this point in time is paramount to not knowing what is what, and what will be what in the near or distant future.
There are some very astute and intelligent posters here whose information is appreciated and absorbed by me ( and others), but most of the recent posts still fall into the category of conjecture.
Why don't we all just admit it .......
.......NOBODY on this board knows what is what. There is only one person ( Dean ) - who we haven't heard from with anything solid - and one government body (FDA)- who ain't talking to us peons - who can give us the real scoop.
Meanwhile, we may as well be looking for a black cat in the coal bin at midnight - if we expect to find out anything of practical use .... I'm not holding my breath or any trading shares either !!!
Where is the excitement?...........
This is like watching paint dry. Seems to me if there was ANYTHING positive out there, we would see something happening.
Needs a dose of Geritol.
For you youngsters, google it.
Chart update..............
As long as the momentum indicators ( red circles) are going down, so will the pps.
.30 is a critical support as it is the 62% fib - an important support as it is quite common for stocks to get here and then reverse - and also just below the 50 dma
My impression - not enough strength here to turn around without good news
http://stockcharts.com/h-sc/ui?s=IMGG&p=D&yr=0&mn=5&dy=0&id=p11642680574&a=195071609
Chart update .............
Having trouble keeping strength here.
Momentum indicators are either neutral or negative.
Breakout of the group of resistances was weak, and eventually failed to hold.
The last 2 candles were "spinning tops" - an indication of indecision . Bulls and Bears fighting it out, with no real winner emerging.
The "test" of the neckline of the inverse head and shoulders is way lower - in the low 20s
My conclusion - weakness with a tendency for pps to atrophy over time.
THIS ASSUMES NO ANNOUNCEMENT - good or bad news will affect these patterns radically.
Disclosure: I sold all my trading shares over a period of weeks starting Sept 1
http://stockcharts.com/h-sc/ui?s=IMGG&p=D&yr=0&mn=2&dy=0&id=p67533918548&a=195071609
True, and very good advice-eom
4_real-all the chart does is show graphically exactly what is happening at the moment - my charts are "live", not delayed.
Doesn't matter why or who. When certain parameters are met, based on past patterns, then the odds of that pattern coming into play are greater.
Does not predict, and certainly isn't 100% - just better odds than flying by the seat of your pants
And there is not a darn thing we ( little guys) can do about it.
It comes with the territory of owning penny stocks. Have to play the game by their rules, as they have us by the short hairs !!!
bigbeak-don't celebrate too early
pps like a stone this AM .
All momentum indicators turning strongly down
Crow doesn't taste too bad with lots of hot sauce, in case you have to eat some !!!
http://stockcharts.com/h-sc/ui?s=IMGG&p=D&yr=0&mn=5&dy=0&id=p60594508650&a=195071609
thehawk - this is what I am referring to
Dean announces his partnering up with Brian Altounian ( and you know the actual fact took place before the announcement) and the pps goes from .33 to .83 in less than a month.
Not that the Streetsweeper is a legitimate enterprise, but I quote it here as a reference for the dates involved
******************************************
Is IMGG's CEO Pulling the Plug on His Company?
by Melissa Davis - 3/11/2010 10:15:38 AM
To some, Imaging3 (OTC: IMGG.OB) CEO Dean Janes appears to be giving up on his own company.
On Feb. 11, exactly one month after IMGG announced the latest in a series of regulatory setbacks, Janes reportedly began pitching a new investment opportunity to his 1,000-plus “friends” on Facebook. In his biggest insider transaction on record, Janes then sold 2.6 million shares of IMGG stock the very next day.
Since then, Janes has followed up with specific details about his new business venture. In a recent email to potential investors, Janes announced that he is partnering with Brian Altounian – a driving force behind some troubling penny stocks -- to form a publicly traded “business development corporation” that will raise capital for other microcap companies and invest in those stocks itself. Janes and Altounian will serve as co-chairmen of the new venture, known as Alliance Acquisitions, while filling top executive posts at the startup company as well.
Here's the chart for the time period:
http://stockcharts.com/h-sc/ui?s=IMGG&p=D&yr=0&mn=11&dy=0&id=p71511415259&a=195071609
As much as I hate to say it.......
......I do believe there was some sort of collusion between Brian and whomever to run the price up.
Call it pump and dump if you like, but Brian makes no secret about what he does.
Although not strictly illegal ( as far as I know) it did leave a bad taste in my mouth re the incident.
Don't have any direct evidence of anything, so I am not making accusations, but it was an isolated incident and it can be directly related to the "partnership" announced publicly.
IMGGor-I knew you were kidding-as was I......
...... on some level though, what you posted was fairly accurate. Each support or resistance met, leads one to look for the next one.
Like reaching milestones on a trip. Can't go to the next one until you pass the present one. So if you are shifting between forward and reverse ( stock price goes up or down) you have to depend on the present milestone to know where you are.
IMGGor-Man, it's taken me 10 years to get this right. You sure are a fast learner.
Maybe I will retire from the board as it's resident chartist and let you take over. Would save me some time.
Are you ready to step up into my spot?
Chart-Backing right off of the resistance.......
.......supports at .34 , .31, .24
Again, if .29 fails, .24 will most probably be challenged again
http://stockcharts.com/h-sc/ui?s=IMGG&p=D&yr=0&mn=5&dy=0&id=p36074710142&a=195071609
.35 was strong support - will be strong resist
If it breaks out above .36 to .37, that would be a great omen.
We'll see
http://stockcharts.com/h-sc/ui?s=IMGG&p=D&yr=0&mn=5&dy=0&id=p04648402610&a=195071609
Chart:if .29 breaks-I'm quite sure .24 will be challenged
http://stockcharts.com/h-sc/ui?s=IMGG&p=D&yr=0&mn=5&dy=0&id=p82358052808&a=195071609
treeman-OK-that's your "opinion" but based on what?
When I analyze a chart and give my "opinion" it is based on my interpretation of the chart - and I have been doing this for a long time. Not that I can't be wrong, but it is based on SOMETHING
When people here put out an "opinion" , rarely is there any backup given for that opinion.
Perhaps a better word for opinion would be "guess"
chevy-thanks, I completely missed that inverted H&S !!!
I agree, the extended neckline looks to be close to that .24 level.
I would LOVE to see a bounce off of that.
I would be a big buyer there.
Bur who knows what will happen between now and whenever that is!!
sano-I have a bunch of pp shares at .06 and had 100K shares bought at the open market for .03 ( remember that low way back when?) -
I have been trading some of the .03 over time and have what everybody here calls " free shares" on them.
I also had some other trading shares , which I have sold at appropriate times -- I do all my trading by the charts.
I only have 16K left of them - sold some "recently" for a very small gain, but I think we are going down from here without news.
If we get approval, I will sell some, wait for a pull back, buy 'em back and wait for the sale---:0))
Ameritrade loves me as I am a very active trader.
ortco-probably, you are right. A death by a thousand cuts.
I think it will just atrophy thru the supports ( blue lines) if no news. At some point, one of the supports may hold - then watch for recovery.
http://stockcharts.com/h-sc/ui?s=IMGG&p=D&yr=0&mn=2&dy=0&id=p84696059963&a=195071609
Heavy volume: big down day..........
All supports broken, except for .34 ( 50% fib) which is being challenged as I type.
Momo ind all turning negative. A few more days of this with no word, and there will be a serious sell off - IMO, of course
http://stockcharts.com/h-sc/ui?s=IMGG&p=D&yr=0&mn=5&dy=0&id=p35577319329&a=195071609
.35 is CRITICAL support-eom
Tech talk-I am quite satisfied with the action of the stock price, in view if the fact that we have had no real news.
Seems that the sellers have dried up and now there is a gradual consolidation, with an upward bias. This kind of action is easy to follow technically, as opposed to the wild swings and gyrations that can result from those pp shares being dumped and / or emotional trading as a result of rumors, expectations met or not met etc etc etc.
At this moment, the 10 dma and the 100 dma have been broken to the upside.
The fib is next resist at .38, and then I expect a very strong resistance at the .41 level.
This is predicated on no news coming ( either bad or good) allowing "normal" market forces to occur.
http://stockcharts.com/h-sc/ui?s=IMGG&p=D&yr=0&mn=3&dy=0&id=p23800612401&a=195071609
bigbreak-you can't just DUMP that kind of accusation without back up.
So where is your backup? Otherwise your veracity is highly dubious.
Chicken-Thanks for the input. I see everything you observed and agree with all of it.
And you are the " BB King" ( since this board seems to like royal titles) And that is NOT the blues artist !!!!
I am very aware of those head fakes to which you refer and am wary of getting too confident in any apparent move.
The unknown factor of FDA makes placing a lot of faith in TA a little impractical.
But until something changes on the fundamental level, seems TA is working for the most part
Keep on clucking !!
bogdan - read my last post to see how I interpret the chart.
I am a VERY reasonable person, and emotion does not color my trading - it might color my posts however ---:o))
I will sell this in a New York minute if the chart breaks down.
There is VERY STRONG SUPPORT - REPEAT - VERY STRONG SUPPORT in the 32.5 - .35 area.
If I were to bet ( and I am by adding shares in this area ) without BAD news, this support will hold.
http://stockcharts.com/h-sc/ui?s=IMGG&p=D&yr=0&mn=5&dy=0&id=p62650036420&a=195071609
thomas-I could make some up that would look very authentic ---:0))
Hopefully, the REAL ones will be more exciting !!!!
Algo - good observations.............
The momentum indicators that I use ( six graphs on top and bottom),
and some are somewhat redundant, are all pretty much in neutral.
That correlates with the sideways movement we have seen.
If the pps stays with a positive bias in future consolidation, we will see those indicators slowly turn up . I want to see the STO cross trigger line and head up
Tiger's back with charts for you
First things first:
To anyone who read my post before it got deleted, I apologize for my egregious error.
I have already apologized to Admin last week.
The day I got jailed was just a horrible day here on the homefront. With out going into details, just know that I was stressed to the max ( and it takes a lot for that to happen)
Then I got on board here and something set me off ( don't even remember what!!) and I "flipped out" - totally lost it and posted some things that were totally out of character and totally deserving of jail time.
Was supposed to be "released" on Tuesday evening, but apparantly several members here asked Admin to put me on an early release program - thanks to those who intervened.
I am limited to 5 messages a day for one wekk ( my probation period, if you will) I will stick to posting only charts and technical stuff . I will stay out of jail that way ---:0))
OK - now to catch up on the charts:
The 1 minute chart looks healthy. Sideways movement with an up bias - nice consolidation pattern
That pattern very often precedes an up move - it is building strength as long as the bias is up
Notes on chart are self explanatory. Note the validity of previous support becomes resist etc - very clear on this chart
I can't post live charts for anything other than daily or weekly.
http://s944.photobucket.com/albums/ad282/madtig/?action=view¤t=IMGG1min9-18.gif
Daily chart:
We need to breakout from the overhead resistds as noted on chart. We have REAL strong support underneath.
http://stockcharts.com/h-sc/ui?s=IMGG&p=D&yr=0&mn=5&dy=0&id=p18033609422&a=195071609
For now, the pps is following technicals - when announcement is made, all this will be negated until the pps settles down again. Then technicals will come into play until sale takes place. Then we won't need the charts ---:o))
Nice to be back and , again, thanks for the compliments and the support from my cyber" friends.
By the way, the "mad" in madtig doesn't mean angry or crazy - they are my initials backwards. And I do have a special connection with tigers - a karmic thing , I guess
I am limited to 5 posts per day for one week - a probation, if you will. I will save them for charts and technical stuff - I will stay out of trouble that way
IH Admin [Dan] or Anybody who is at home:
OUT OF CONTROL HERE !!!!
Folks this board is to talk about IMGG.
Post about the moderator are off topic and will be deleted.
Posts that talk about other members will be deleted.
Comments about bashers or pumpers are about other members and those posts will be deleted.
Posts that talk about deletions are of topic and will be deleted.
Post about IMGG or don't post.