IQE shares (LSE:IQE) are currently consolidating. This is a quiet and somewhat “boring” market, but a storm is in the offing and that will cause a breakout to happen in the market, which will result in a directional movement.
A closer look at the market, especially in the past several months, shows that the recent bias on the market is bearish. Perpetual southward journeys have often been followed by transitory rallies.
No indicators in the chart support any directional movement at the present, but the situation will soon change.
A breakout to the north will move price above the EMA 21 as the Williams’ % Range period 20 goes into the overbought territory. That will cause a bullish bias.
When price goes below the EMA 21, and the Williams’ % Range moves into the oversold territory, the bias on the market would have turned bearish.
One of these two expectations will be fulfilled once there is a significant breakout in the market.
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