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AwesomeAvani
Feb 10, 2024 1:29 AM

INBS pumped on earnings crush= Watching for LONG maybe 

NASDAQ:INBS15
Intelligent Bio Solutions Inc.NASDAQ

Description

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INBS crush earnings and went parabolic on an earnings beat. Basically, revenues fell but with

belt-tightening and good CEO actions it bled less cash than expected. The tourniquet is

working. The post-earnings pump was followed by a flush to the mid-Fib 0.5 support. Trader's

got their reward and called it a weekend before lunch. The chop index fell into the

consolidation zone and the MACD turned bearish. See the 5 minute chart image inserted to

the left. The RSI lines are about 50 maybe with a crossdown impending. I have this on watch

for a reversal up. Much will depend on general market strength on Monday. Biotechnology

is projected as a hot sector now. This stock was among the hottest of the day. Hoping for

a bullish continuation knowing that a trend down is likewise possible.
FibonacciEarningsValueINBSLABUXBIpumpanddumppopthendroprectracementfibonaccibounceChoppiness Index (CHOP)biotechnology
Comments
sup2991
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targets?
AwesomeAvani
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@sup2991, thanks for the question. I have linked here the detailed answer for you

As you can see, price already hit that target and so will likely hit it again very quickly. the next target is the top of the high volatility red "big ass candle"
in the fall into the bear flat pattern that occurred about October 1st. Call that target 13.75 or about 100% from the present level.

BTW, I assumed that there was an options chain but there is not. It remains to be developed :)
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