Innovation Pharmaceuticals Inc (IPIX)

[123tom]

One bullish observation....


currently, is that it was a big moment on the technical chart the other day ,when price dropped momentarily "into the 60's", (.68) and since then, sellers and short attackers have not shown any bearish momentum to follow thru with more selling,in these following days and drive it down into the 60's again. The shorts had a chance to do that in these last few days,and it hasn't happened at all. Instead we see the 70-74 area Holding ok so far. That's a positive step for price action. To me ,it suggests we might see some more buying in the 70's, as traders and investors watch the 70's holding ok. To see IPIX start climbing up the stairs to test the greater resistance around 80-85 area, is where the shorts might make a real effort to attack again.
Sooner or later this will become a battle zone in the .80's.
So far, that momentary plunge to .68 looks like a meaningless false alarm. no smoke and no fire. and that's significant,in my view, because on a technical chart, when the pullback keeps falling to lower steps, and becomes critical to hold above 70 cents. its as much a psychological target as a price point. its a dangerous moment when price gets plunged below the 70 number. same goes for the 80 cent support line... price failed to hold that line. and now 80 cents is a strong technical resistance line, all the zone in the 80's, and then the 90's, is all resistance to struggle with when the time comes. so for 70 cents to fail as well, was a dangerous moment. To see the price rebound back into the 70's like its doing is positive.