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Ionic Rare Earths LimitedIonic Rare Earths LimitedIonic Rare Earths Limited

Ionic Rare Earths Limited

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IXR - where will it land?Quick look at ASX:IXR after a big end to last week. What has happened? After a huge run up between May 2019 and October 2019, ASX:IXR topped out at $0.015. During the ensuing months, ASX:IXR found support at the 0.5 fib resistance (Support 1) which held until COVID-19 when this level turned into resistance (Resistance 1). IXR bottomed out at the 0.786 fib resistance level (Support 2), confirmed by the WVF market bottoms and MACD crossover. ASX:IXR has since been in an uptrend and has broke through Resistance 1 and Resistance 2 ($0.013) - which has now turned support (Support 3). The previous high of $0.015 was broken through in early October and up until Friday had formed a new level of resistance (Resistance 3). Where to from here? After Friday's +18% day, expect new support at either the previous Resistance 3 ($0.015) or Support 3 ($0.013). MACD crossover indicates potential for some more green days, however both the MFI / RSI / Stoch are all heading toward overbought. Based on this it would be worth watching for retracement to one of the points above.
ASX:IXR
by chartorscience