LQMT 618 Fib Support Or Fail?Simple chart breakdown using Fib retracement from the low last April ago shows some interesting levels for LQMT. 618 area has been a pivot over the last several months acting as support and resistance at times. The last few tests of this level didn't yield a successful breakthrough and hold but Friday's action seems to have sustained gains above the 618 Fib line. Furthermore the 50 fib has also been a higher area of traffic for the stock but only a few times has LQMT managed to hold consistently above that level.
That last 8k & update from July 9th seems to have been an initial catalyst for this latest move:
"Citing the company’s readiness for the next phase of its development and the ongoing restrictions on international travel, Professor Li reiterated his support for the Company and its management team. Following Professor Li’s resignation, the Board of Directors appointed Mr. Tony Chung as Interim CEO, and Mr. Isaac Bresnick as President. Mr. Chung will take responsibility for the strategic direction of the Company, while Mr. Bresnick will take responsibility for its day-to-day operations and customer service. Professor Li will stay on as the Company’s Chairman."
We'll have to see if the 618 fib line once again become the pivot point it has been and if LQMT can maintain levels above it or if it once again fails to hold.
