Imagination TV Inc. (IMTV)

[dmlabuda]

Daily and Hourly Chart Analysis - I know a lot of you are celebrating because you believe the price will continue to go up now and while anything is possible, I would say that the celebration should be about the fact that you had a second opportunity to sell and take profits at $0.05. On the Daily chart we have a POSSIBLE Double Top Formation that is confirmed by the Hourly chart in the way of a Key Reversal Hour in the second hourly of trading this morning. That price has not be able to recover from that and mount a new rally. There are also Bearish Divergences on the Hourly chart and the Daily and hourly charts are both giving Overbought readings. Therefore, it's looking pretty good for the Bears and in favor of that Double Top being confirmed tomorrow or the next day with a significant drop in price. Just my opinion of course, but, I'm not about to buy into this rally and as you know, I was not a buyer on the price correction because it just didn't look right to me. I'm also cancelling my order to buy at $0.010 because if this is a double top, we could easily see prices plummet to new lows. So, that's the chart picture from my perspective.

Daily Chart:
http://stockcharts.com/h-sc/ui?s=ICPA&p=D&yr=0&mn=6&dy=0&id=p52677956735&a=257286122&listNum=1

Hourly Chart:
http://stockcharts.com/h-sc/ui?s=ICPA&p=60&yr=0&mn=1&dy=0&id=p85297507778&a=255878617&listNum=1