Iris in Imminent Falling Triangle Breakout
Iris had started forming a Bullish Falling Triangle pattern on somewhere in Mid Jan '21.
Eventhough they had been awarded with goverment project (NIIS) in March, the pattern keep intact.
Recently the triangle band had become narrowed. I anticipate that Iris had done it's final pullback and ready to breakout from the pattern.
Currently:
1) it had reached the 0.205 support line which was created during its uptred pullback (more than 1 yr ago).
2) If we look at its lower low price line (a) and compare with its RSI (a') , we can see that the RSI is pointing up which show that eventhough it is making lower low but it is gaining more strength and hopefully will become a momentum for Iris.
Disclaimer: This is NOT a Buy / Sell call. This analysis is for learning purpose only.
Eventhough they had been awarded with goverment project (NIIS) in March, the pattern keep intact.
Recently the triangle band had become narrowed. I anticipate that Iris had done it's final pullback and ready to breakout from the pattern.
Currently:
1) it had reached the 0.205 support line which was created during its uptred pullback (more than 1 yr ago).
2) If we look at its lower low price line (a) and compare with its RSI (a') , we can see that the RSI is pointing up which show that eventhough it is making lower low but it is gaining more strength and hopefully will become a momentum for Iris.
Disclaimer: This is NOT a Buy / Sell call. This analysis is for learning purpose only.
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