technical analysis IMI

Stock: IMI
Company: Integrated Micro-Electronics Inc.
Support: 10.37 / 9.62
Resistance: 11.45 / 12.48

MOC-buying during yesterday’s trading managed to push IMI back up its MA100 and support at 10.37 — snapping its 5-day losing streak.

However, technical indicators are read with bearishness albeit with waning strength: RSI remains in the sell region but now points up, coupled with decreasing selling pressure and increasing buying volume.

Following the bounce near support level, IMI can be a good candidate for range trading. The stock can be played along the bounds of 10.37 to 11.45 in the near term.

Recommendation

Trade the range.

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