Stock Chart Analysis IMA

Posted by downtowntrader | 1/06/2008 07:16:00 PM | 1 comments »

Stock Chart Analysis IMA

Inverness Medical Innovations, Inc. (Public, AMEX:IMA)

IMA completely disregarded the bearish bias on Friday and ended clearing the highs of the past 15 sessions. In doing so, it successfully cleared a downtrend line and reclaimed it's 20 day sma. There are also some bullish divergences on the indicators and if the general indexes bounce back after 6 or 7 down days in a row, then IMA could mount a little rally. Another bullish scenario I will be looking for is a series of narrow range candles as it bases above the 20 day sma. This would probably be the ideal scenario as it builds fuel for a more substantial rally. Stocks like these are worth keeping an eye on because if investors are stepping up and buying when the markets are tanking, then it should continue to climb when the markets cooperate, and at worst, not fall as hard as the rest of the carnage.

Good Trading,


for more analysis, check out


  1. DAILY STOCK PICKS // 1:43 AM  

    hi , very interesting blog as i am fairly new at this but i started a Daily Stock Picks, and from my perforance alone, no advertising until this evening, i was getting over 100 unique hits just 5 days into it! All word of mouth -
    I would like you to take a look at it and let me know what you think, as my daily picks have an ave. gain of 46% each/day.