On Fri 24 Feb Iris had reported its Qr and the result was considerably good. The market reacted to the result by pushing the share price which was struggling to even hold at 0.110 at that time to close at 0.120.
On the chart wise,
1) the volume is still low (below 14 ma) indicates Sellers are weakening and Buyer's low appetite.
2) the stochastic is in oversold territory which indicate the risk reward to the downside is smaller compare to the upside.
3) the RSI is showing divergence to the price action (white line) which may indicate that a reversal to take place.
If the QR result can bring the confidance back to investors, a reversal may really take place.
On the upside, it may fill the gap at 0.135 and the next resistant is at 0.165 followed by 0.195.
To the downside, if it cannot hold the RSI trending line (white line) and break down 0.105 price action, it may reach to 0.09 support followed by 0.08 and 0.06.
Disclaimer:
This is not a Buy / Sell call. This material is for learning purposes only.
Consult your financial advisor and trade at your own risk.
On the chart wise,
1) the volume is still low (below 14 ma) indicates Sellers are weakening and Buyer's low appetite.
2) the stochastic is in oversold territory which indicate the risk reward to the downside is smaller compare to the upside.
3) the RSI is showing divergence to the price action (white line) which may indicate that a reversal to take place.
If the QR result can bring the confidance back to investors, a reversal may really take place.
On the upside, it may fill the gap at 0.135 and the next resistant is at 0.165 followed by 0.195.
To the downside, if it cannot hold the RSI trending line (white line) and break down 0.105 price action, it may reach to 0.09 support followed by 0.08 and 0.06.
Disclaimer:
This is not a Buy / Sell call. This material is for learning purposes only.
Consult your financial advisor and trade at your own risk.
