My tech take re from now til"early September"
Even if the "guess" for approval is accurate - early September
- the stock price does not have the technical strength to hold
up until then - of course, IMO
Time has taken it's toll in wearing down the investors and the
technicals over the last few weeks / months.
With no real new news to goose this baby's price, I'm of the
opinion that attrition will continue to follow the technicals
either down or sideways for the next few weeks.
Anybody who has been on this board for a while knows I am NOT a
basher, and that I have held and still hold a large position
long term.
But I am also a "tradin' dude" based on the charts ( I have six
charts for IMGG - I can only post the daily or weekly ones here)
And anybody who has been able to follow what I have posted,
will have to admit that I have been quite accurate in showing
where supports and resistances are. The pps has been following
the technical guidelines in a classical manner.
It doesn't mean I can predict what the future will bring, but
my experience of 10 years of technical trading counts for
something in interpreting what I see. And I have been in the
markets for a lot longer than that. I trade full time now.
Yes, "when, not if" approval comes thru, everything will change
and technicals will be meaningless for some time.
But since "when" hasn't happened yet, I don't see this having
enough technical strength to pull out of the doldrums.
It would please me no end to be completely WRONG in this
analysis, as I have made plenty so far and would make plenty
more with my long core position.
But until it's different, I see more of the same ahead - steady
erosion of the pps.
Don't kill the messenger !!!
