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IMP in a strong upward trend however note the bearish engulfing candle i.e. outside bar which may be signaling the potential start of a short term loss of momentum. Closed below the 8-day EMA for the first time since 04 March. Both the 21-day EMA and 50-day EMA continues to trend higher while the 21-day EMA is above the 50-day EMA (positive). On an intraday basis, my best probability range for buyers to step in is at the 21-day EMA. Say, 11570c to 11665c. These levels are subject to change based on the subsequent price action and news flow.
Ultra Short Term: The 21-day EMA (at or just below) is a range to watch.
Short Term: The 50-day EMA/75-day EMA is a level of interest should a deeper pullback occur.
Preferred Strategies & Setups To Generate Cash Flow (Click To Enlarge)
Lester Davids
Analyst: Unum Capital
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