Not even a temporary bounce at the open. Looks like quite a few large investors want to get out gradually without completely collapsing the stock.
Let's see if $16 can hold today. If not then next support is book value at $14 and 200 dma at $13 afterwards. If it breaks down through those levels then it is down to $9 - $10.
And $16 is breached.
The change in sentiment the past two weeks is remarkable, completely swamped the board experts here. Down almost 23% from the recent peak, way more than a correction, now a bear. Need major fundamental news to turn it around. Tap... tap...
Looks like IMOS will close under $16 today or tomorrow.
I picked up some more RDCM on the pullback.
Do you do all your investing based solely on technical analysis, or do you do some fundamental analysis as well?
Profit is profit. IMOS is clearly on a strong downtrend. Some large holders want to get out and no buyers are stepping in to support the stock. So why fight them?