The purpose of this brief update is to point out that the technical condition of Imagin Medical continues to improve. You may recall that we looked at it back early in December
when we saw that the stock looked like it was basing in readiness for a new bullmarket phase. Since then it has continued to trundle sideways in a narrow range at a low level, with a preponderance of upside volume which is bullish, but yesterday it rallied quite sharply on record turnover, a sign that things are hotting up.
Chart courtesy of stockwatch.com
As we see the price and its moving averages are starting to bunch together. This and the stronger upside volume point to a breakout above the 200-day moving average soon that will usher in a new bullmarket.
We will therefore aim to continue accumulating this stock on down days.
Imagin Medical website
Imagin Medical, IME (Canada), IMEXF on OTC, closed at C$0.095, $0.07 on 27th January 17.
Posted at 1.30 pm EST on 28th January 17.