IFM has been falling more than it has been rising for the past 2 years but it recently broke above a downtrend line, which is a significant buy signal. Price would appear to have completed Elliott Wave No2 and started up on W3 - which is the strongest and longest rising wave in a price cycle (another good sign). Price has not yet made a new weekly uptrend or a higher peak following a higher trough - so a buy at this time comes with a degree of risk.

Price movements suggest potential targets of $1.82 and then $2.00 - assuming price does move up from its present level.

IFM 14Aug21

Contact

Robert Norman

Phone: 0428 346 951
Email: robert@sharecharting.com.au

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