IMO: Ascending Triangle, not confirmed (59,64%)(24/1000)

(24/1000)

Ascending Triangle for IMO (chart on left)
Not confirmed.
Possible 59,64% gains.

This is solidified by the fact the SPN (energy sector, chart on right) is also building into an ascending triangle (not confirmed) with a possible 41,62% gain.

Now for the analysis of IMO:

Pros:
1- Bullish Ascending triangle
3- PPS above 50MA and 200MA
3- R/R ratio above 5
4- 250RSI above 50 and ascending
5- 50MA above 200MA
6- 50MA and 200MA ascending, though 200MA is not ascending by a lot
7- RS above 0 and ascending
8- Golden cross in blue

Cons:

1- Pattern Not confirmed yet. Waiting for the PPS to cross the resistance
2- Limited descending volume during formation
3- ATR descending, less volatile

IMO Target price is 92,67$.

Stay humble, have fun, make money!

MAAX!