IFL looks constructive and recently it has been consolidating at the Resistance level. As it has been in the range, we might see a minor swing low towards the upward sloping trendline around $3.90 - $4.00, which is also my Buy Zone. If it pulls back, it could be a very good buying opportunity for the next leg higher. I would wait for bullish price action...
IFL is looking good and has been printing higher highs which is a good sign. Currently it seems that it may pull back lower to print a higher low. I expect price to retrace lower towards my Buy Zone between $3.85 - $3.95, which is previous support and also trendline support. I will be taking a long position after bullish price action in the Buy Zone.
Please note...
Breakout Long @ 3.65
Tp1 3.69, Tp2 3.75
SL 3.56
A strong quarterly report should support this short-term movement. DOM pointing to strong resistance at 3.69. Keep an eye on what happens after hitting this target.
IFL looks to be breaking down as price drops out of channel. Hanging man candle followed by 2 very bullish candles which have taken the price below the 8EMA and testing the 20EMA. MACD crossover and RSI now turning bearish. Down on the 1hr chart the story is even worse with a double death cross of 8EMA under 20 & 100.
Target 1: 3.45
Target 2: 3.19
For...
Bullish Confirmation Indications
1. IFL has broken out of the long downward trendline with High Volume
2. Price Action have been impulsive which indicates that Bulls are in control.
3. The price action is consolidating against the trendline.
4. IFL is looking good on the weekly and monthly charts.
I expect IFL to pull back to the Buy Zone between $3.52 - $3.25....
Price action and volume have been contracting very constructively over the last couple of weeks and getting ready for a breakout imo. Watch for volume as it comes out of minor pivot near $11.30.
The tight flat base of roughly 6% that is forming after reaching a 2-year high of $11.41 on strong volume looks very bullish. Watch for a break above this consolidation trading range for a potential long entry signal.
