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Technical outlook of IWCITY's stock chart and stock price.
As usual we will start our analysis with a look at the weekly chart.
The stock has gone through a lot since 2017 but it has never regained its old high.
In early 2019 it tried to move up but encountered resistance at the strong congestion area of 1.25 to 1.50. This is an area that the stock needs to get above if it wants to go back to the old highs.
Currently the stock is resting on a weekly uptrend line. This is what you should watch right now.
As long as the stock stays above this uptrend line then it has a possibility of going up. A drop below this uptrend line will signal weakness.
The chart above is the daily chart of IWCITY.
It is trading above the rising 200 day moving average which is a good thing. It points to a possibility of long term bullishness. The stock has been able to find support at this 200 MA.
The green area is a support area for you to watch.
As long as the stock stays above the rising 200 MA and this green area of support, there is a possibility of it rising.
The fact that the stock broke a daily downtrend line also tells us it wants to start a daily uptrend. Previously it was just drifting lower.
But do bear in mind that the stock has lots of pockets of resistance on the left.
Which is why I believe that even if it rises there will be lots of hindrance that keep it from rising smoothly.
Not a very nice stock for me.
Do try to choose a stock that has a nice uptrend with as little resistance as possible.
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