This is ridiculous.
In response to your query to a post where IBAH's "negative" TA picture was discussed...I am requoting my portion of the TA of the ORIGINAL research report on IBAH. You will note that I point out the long term downtrends battling a very short term uptrend. I note the key areas of support and resistance, and you will see there were many more areas of resistance than support. Read the report and you tell me how it is a recommendation to buy IBAH at that time.
Here are some highlites:
Thus, we have an initial breakout but no confirmation as of yet.
Confirmation will need another strong move without violation of the downtrend line in any way,
coupled with high volume.
Notice that volume has never risen above the 3 month daily average since the report. Thus, according to the TA report I wrote, there was never any confirmation of the breakout on dec 5.
Until IBAH can retest a support line, meaning the intraday low touches
the line without breaking through, these lines are much weaker than
the resistance lines which have been defined over many months and some over years.
Again, I clearly state that support is MUCH weaker than resistance.
Current Short Term Acceleration Line: IBAH seems to be trying to define an acceleration line
based on the the lows of 12/9 & 12/12. However, since this line, like the longer term support lines,
has no retest, and is only defined by two days, it is also not confirmed as a true acceleration line.
Again, I note that the uptrend is not confirmed.
Conclusion: IBAH is at a point either right before a turn around, or it is still caught in a
downtrend. If IBAH can break through a couple more resistance lines on strong volume, that
would bode well for the current acceleration line. But the key indication will be whether or not
IBAH has successfully broken out of its year-long downtrend; The important thing to look for
right now is where the next low will happen; if it is higher than 2.88, a new uptrend will finally be
forming. If however, it is below or at 2.88, IBAH still has a long way to go.
And in my conclusiion I state that the real thing to look for is where the next LOW will be for IBAH in relation to the last two. I'm already trying to point to the next low that will happen, not the next high.
If you can read from this report something that says IBAH is going through the roof, and that I recommended to BUY BUY BUY based on TA, please point it out. Otherwise GET YOUR FACTS STRAIGHT and stop posting the inflammatory and dare I say idiotic remarks you are subjecting us to.
dave
fyi, here is my entire report, verbatum:
Trendlines, Support, & Resistance: IBAH's chart shows the stock at a crossroads -- after coming
off its 1997 peak during the week of Feb 21, 1997 of 8.38, IBAH quickly tumbled to a low of 3.0
during the middle of July. After making a brief rally, the stock again fell to a lower low in
November of 2.88, indicating that the main downtrend is still intact.
Downtrending lines: The highs during this period define one major downtrend line, and
looking at the chart this remained the defining resistance from the August peak to the November
low. On December 8, IBAH tested this line; on December 9, IBAH broke through this major
downtrend on very high volume. However, December 11 activity fell below this line even though
the close was above it, and finally on December 12th, activity stayed above the downtrend
but on much less volume. Thus, we have an initial breakout but no confirmation as of yet.
Confirmation will need another strong move without violation of the downtrend line in any way,
coupled with high volume.
Uptrending lines: There are two intermediate term uptrend lines that IBAH can use for support.
The first connects the all-time low of 1.75 made in June, 1995 with the low made in November 1997.
This is the absolute bottom level of support IBAH has, and since it has never been retested (it is
in essence defined by two days), it cannot be seen as strong. Right now, this line is at around 2
29/32.The other possible uptrend line would connect the all-time low with the low in July 1997;
since this has already been broken when making the lower low, this line is even weaker. Right now
this line is at around 3.19. Until IBAH can retest a support line, meaning the intraday low touches
the line without breaking through, these lines are much weaker than
the resistance lines which have been defined over many months and some over years.
Key Horizontal Support/Resistance lines: IBAH's spread has historically been around 1/4 point,
and there are many lines that can be created all the way up in 1/4 point intervals. Here are the
major ones I see, and the months the stock used them for either support or resistance: (Note the
stock closed on December 12th at 4.0, so right now, unless the stock gaps up, 4.0 is resistance.)
SUPPORT: 3.75 (1997: May, June, July, August, October, November, December 14th)
RESISTANCE:4.0 (1997: May, June, July, October, November)
4.38 (1997: April, August, October, December 10)
4.75 (1997: April, August, September)
5.0 (1997: April, August, September)
5.5 -- 1996 support line
Current Short Term Acceleration Line: IBAH seems to be trying to define an acceleration line
based on the the lows of 12/9 & 12/12. However, since this line, like the longer term support lines,
has no retest, and is only defined by two days, it is also not confirmed as a true acceleration line.
Conclusion: IBAH is at a point either right before a turn around, or it is still caught in a
downtrend. If IBAH can break through a couple more resistance lines on strong volume, that
would bode well for the current acceleration line. But the key indication will be whether or not
IBAH has successfully broken out of its year-long downtrend; The important thing to look for
right now is where the next low will happen; if it is higher than 2.88, a new uptrend will finally be
forming. If however, it is below or at 2.88, IBAH still has a long way to go. |
