In some ways there is not too much charting to be done in terms of ImmuPharma plc (LON:IMM) given the way that overall since the autumn the shares have been in a range between 40p and 65p. However, there is more detail as far as the near-term price action which may help us decide regarding the timing of any fresh rebound within the post September range.
For instance since the end of February there has been an uptrend line in the RSI window, something which indicates bullish divergence and a near-term recovery for the shares, most likely beginning within the next couple weeks. Added to this is the way that since the middle of March we have seen decent buying volume come close to the 45p level, towards what was formerly October support.
What traders would be looking for now who are technically based, would be for a momentum buy triggers such as an end of day close back above the former January support 47p, with the more cautious of them waiting on a clearance of the 50 day moving average at 49p. This in combination with a break back above neutral RSI 50 versus 39 currently, would most likely be enough to satisfy even the most cautious of Bulls. The target over the following 1 to 2 months would then be a retest of post November resistance through 65p.
