IOVA is breaking out in style. This is a rebound towards prior levels but the volume is impressive. Let's break it down
The latest candle is a marubozu (strong close near high), coming after a clean upside range expansion. Previous session was a high-volume thrust bar as well — together they create a bullish continuation pattern after a consolidation zone.
RSI confirms — now at 83.51, signaling extreme buying pressure. No topping pattern yet. This is trend continuation, not exhaustion — but it’s getting extended.
Trend: Just emerged from a multi-month base. MACD just had a clean crossover above zero. Histogram increasing — confirms ignition. Volume surging for multiple sessions — this is institutional accumulation or news-driven demand. RSI above 80 = emotional phase. Still bullish, but vulnerable to a short-term shakeout. Looks like funds that watched this base for months are now piling in fast.
Box Analysis
Old box was around $2.00–$2.50 → breakout started 3 sessions ago. Now price is forming a new box upper edge around $4.15–$4.30. Support zone: $3.20–$3.50 (prior gap, volume cluster). Resistance at $4.30.
If price consolidates under $4.30 for 1–3 sessions, this could turn into launchpad structure for next leg up.
Fibonacci Levels
Using recent swing low (~$1.60) to today’s high ($4.33):
Retracements:
23.6% = $3.70
38.2% = $3.25
50% = $2.96
61.8% = $2.68
Extensions:
127.2% = $5.08
161.8% = $5.72
Actionable Read
Long bias traders: Can trail stops under $3.70 or wait for consolidation near $4.15 to add.
Dip buyers: Watch $3.25–$3.50 zone for re-entry if price pulls back.
Shorts: No signal yet. Only viable if rejection forms at $4.30 or extended wick with volume divergence.
Next 3 likely playbook paths?
Continuation: Pushes to $5.08+ (127.2%) if volume remains strong.
Pullback & flag: Consolidates $3.50–$4.30 for 1–3 days, then resumes.
Fakeout: Breaks $3.20 and closes under $3.00 = bull trap.
The latest candle is a marubozu (strong close near high), coming after a clean upside range expansion. Previous session was a high-volume thrust bar as well — together they create a bullish continuation pattern after a consolidation zone.
RSI confirms — now at 83.51, signaling extreme buying pressure. No topping pattern yet. This is trend continuation, not exhaustion — but it’s getting extended.
Trend: Just emerged from a multi-month base. MACD just had a clean crossover above zero. Histogram increasing — confirms ignition. Volume surging for multiple sessions — this is institutional accumulation or news-driven demand. RSI above 80 = emotional phase. Still bullish, but vulnerable to a short-term shakeout. Looks like funds that watched this base for months are now piling in fast.
Box Analysis
Old box was around $2.00–$2.50 → breakout started 3 sessions ago. Now price is forming a new box upper edge around $4.15–$4.30. Support zone: $3.20–$3.50 (prior gap, volume cluster). Resistance at $4.30.
If price consolidates under $4.30 for 1–3 sessions, this could turn into launchpad structure for next leg up.
Fibonacci Levels
Using recent swing low (~$1.60) to today’s high ($4.33):
Retracements:
23.6% = $3.70
38.2% = $3.25
50% = $2.96
61.8% = $2.68
Extensions:
127.2% = $5.08
161.8% = $5.72
Actionable Read
Long bias traders: Can trail stops under $3.70 or wait for consolidation near $4.15 to add.
Dip buyers: Watch $3.25–$3.50 zone for re-entry if price pulls back.
Shorts: No signal yet. Only viable if rejection forms at $4.30 or extended wick with volume divergence.
Next 3 likely playbook paths?
Continuation: Pushes to $5.08+ (127.2%) if volume remains strong.
Pullback & flag: Consolidates $3.50–$4.30 for 1–3 days, then resumes.
Fakeout: Breaks $3.20 and closes under $3.00 = bull trap.
Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.
Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.