Gediminas Jasionis

Immunosyn Corp. (Nasdaq: IMYNE) - Strong Correction Ahead?

by Gediminas Jasionis December 1, 2009
imyne_logo.jpgImmunosyn Corp. (Nasdaq: IMYNE) seems to be looking for a change, correcting down. With confirmation of evening star pattern the price continued down on Tuesday despite the overall enthusiasm floating in the market. Although there isn't much of a chance of this going through, we still might witness a moderate price contraction over the rest of the week.

Volume wasn't anything special, but the price movement down managed to turn down the more receptive 4 and 9 day's MA's and the standard MACD. RSI quickly moved down from the oversold position showing the selling pressure has already hit hard.

On the other hand we're still not seeing the convincing big red candle we ought to be looking at. Looks like sellers are not too convinced into selling at lower prices, which might be the influence of the strong broader market gains for the day.

The recent rally was out of its league. There were plenty attempts for the price rise over $0.30, but they all failed. As the company is barely alive, capital wise, and has a pending contract breach complaint filed on their parent company Argyll Biotechnologies, LLC, it is surprising how the stock managed to go up in the first place.

If it corrects down, a fall to $0.3 is the least to be seen and it might very well go down to $0.22 or even lower.

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