Asleep at the Wheel

[rich pearl]

notes on current INMG daily chart -- too bad i can't paste in the charts from profitspi like i can from stockcharts. the latter site also allows for more indicators. oh well.

link is here:

http://www.profitspi.com/stock-chart.aspx?id=inmg&ca=1751546066

so, what do i see. first off i see a long pole and a pennant pattern. this is a continuation pattern leading into a consolidation period where the support lines and resistance points are tested and retested, all of it with diminishing volume. take note of how this morning there was a technical test of the 20ma at .0103, midpoint of the bollies, and then, when it moved up, it was stopped at the 10ma of .0172. this is textbook. on the way up this traveled along the 5ma, a very fast, but weak support line. it had a long exhaustion wick, one that ran from .025 to .032, and since then it has come backwards with dwindling volume from what appears to be retail traders either locking in or taking profit. this is best seen through the ChiOsc which has actually come from 42M to -1.6M. in light of how much of a move up this has had, coming from below .002 to over .03, this should be seen as a natural consequence. that said, the tell for position traders and longs is that this volume on the way down is but a fraction of what transpired on the way up. iow, flippers and accumulators are still sitting on shares, and in point of fact, at this moment, there is no one who bought the run from .0018 to .012 under water. of course, those who bought over .01 early are not completely in the clear, but there's been no sell off as of yet other than of that of buyers who bought the highs of the subsequent run.

couple quick points of interest. rsi14 is holding over 50, the fast stos are potentially diverging northward, the a/d is holding its own, and the cmf still shows good pressure on the ask. i suspect this is going to trend sideways for at least a few days more, if not a week or two, and become the bottom of a cup where the scaling of the wall on the right side simply awaits the necessary volume.

news will be coming. when? soon i think. but that's just a wild assed guess.