Based on the current chart pattern IP.CN is getting prepared to establish a possible W formation.
Support levels have been tested several times so far in the new upward channel that was created in Jan 2021.
There have been several promising news within the last couple of weeks as well as a hugh number of insider trades on the regular market by the chairman of the company.
Recovery and reversal could be confirmed and supported with a view a the stochRSI indicator.
I expect a steady gain in the current channel from the actual level, which is followed by a breakout scenario as soon as the resistance between 28-30 CAD cents can be broke.
Support levels have been tested several times so far in the new upward channel that was created in Jan 2021.
There have been several promising news within the last couple of weeks as well as a hugh number of insider trades on the regular market by the chairman of the company.
Recovery and reversal could be confirmed and supported with a view a the stochRSI indicator.
I expect a steady gain in the current channel from the actual level, which is followed by a breakout scenario as soon as the resistance between 28-30 CAD cents can be broke.
Trade closed: stop reached