IOTS on Weekly chart has reversed and is trending upwards with steady volume. It is reattempting to test resistance levels at 9.5.
As of 21st Sept 2018, IOTS closed up at 6.4.
Trend based Fibonacci extension & Time-based Fibonacci extension indicate Parabolic SAR & price convergence at 50% levels somewhere around 8th Oct 2018.
Volume on the day of convergence will play a major factor in determining the uptrend momentum. If volume is double/triple of 20-day volume average, then resistance levels of 78.6% will be tested. If volume is more than 4 times the 20-day volume average, then it will shatter 78.6% levels i.e 8.65 and test the primary resistance level of 100% i.e price of 9.5 by 10th Dec 2018.
Risk/Reward Ratio: 4:1
As of 21st Sept 2018, IOTS closed up at 6.4.
Trend based Fibonacci extension & Time-based Fibonacci extension indicate Parabolic SAR & price convergence at 50% levels somewhere around 8th Oct 2018.
Volume on the day of convergence will play a major factor in determining the uptrend momentum. If volume is double/triple of 20-day volume average, then resistance levels of 78.6% will be tested. If volume is more than 4 times the 20-day volume average, then it will shatter 78.6% levels i.e 8.65 and test the primary resistance level of 100% i.e price of 9.5 by 10th Dec 2018.
Risk/Reward Ratio: 4:1