IQE correction to end, price to go upwards

IQE shares (LSE:IQE) are in what can be called a correction in the context of an uptrend. The correction would allow traders to go long at a better price, for price would go upwards again to overcome the resistance level at 180.00.

4 EMAs are used for this analysis and they’re EMAs 10, 20, 50 and 200. The color that stands for each EMA is shown at the top left part of the chart.

Price has started a sale journey and has moved towards the EMA 50, and it looks as though further sale is being rejected around that level.

 

As long as price does not close below the EMA 50, the bullish journey is expected to be resumed as price goes towards the resistance level at 180.00, 190.00 and 200.00.

 

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