Can Iris Climb Out Wall of Misery?

Iris Corp is the awarded company with a Rm 1.1b Niise project after SKIN project had been terminated. Only that, recently there is an investigation on the appropriateness conduct during the award process.

The share price had tanked since the announcement it won Niise project until today. Currently there is a huge battlefield between Sellers and Buyers at around 0.110 ~ 0.120.
Even so, looking at the RSI it is touching upward moving line while the Stoch is at oversold territory.
On chart pattern wise, it had escaped from a tremendous bearish channel. It also indicate triple bottom and triple top which is left undecided yet.

Whether the RSI will bounce and gain back the momentum after it touch this line is depend on 0.110 critical price point. Break below this point will indicate further weakness and potentially move to 0.090.

On the upside, there is a gap to be fill at 0.135. If it move and fill the gap, next resistant will be 0.165 followed by 0.195.

This is not a Buy / Sell call. This material is for learning purposes only.
Trade at your own risk.

The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.