Thoughts on $IDR right now, potential bounce or more weakness?
Hey everyone, wanted to get some thoughts on $IDR. Been watching it pretty closely the last few days and today's move down to $28.07, dipping as low as $27.55, is interesting. It feels like we're approaching a zone where it could either find some support for a bounce or we see a more significant breakdown. The daily candle is painting a pretty bearish picture right now, but there's often a snap-back potential after these rapid declines.
My take, for what it's worth, is that if we don't see a clear reclaim of the $28.50 area soon, especially with any conviction, then the downside to potentially test the lower $27s or even deeper seems more probable. The risk that invalidates this view, for me, would be a strong close above $29.00 on decent volume. If that happens, it would suggest the dip buyers are stepping in more aggressively than I'm currently seeing. Just curious what others are thinking here.