Stock Chart Analysis IMA

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,


Joey

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