Innovaderma (IDP): Above 175p could retest 400p

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Innovaderma (IDP): Above 175p could retest 400p

I have to admit that while Innovaderma was on my radar as a potential charting play to make a call on, getting a request on Twitter and then finding out they are involved in hair loss treatment mean I am starting the year with this play.

It would appear that in the skin area Innovaderma has most things covered. Indeed, the offering ranges from tanning, anti-ageing, hair loss treatment, and “well being” products. One of the highlights for those like myself who have follicle issues is the instant hair promise of Leimo Instant Hair. Having looked at the website I would like to admit it may not be the product for me, but it is the thought that counts.

As for where the shares of Innovaderma may be heading, we can see from the daily chart that this is a situation of near term recovery, with the highlight being the way that the former December resistance at 175p was broken to end the month. This appearance of technical strength has been backed by golden crosses between the near term moving averages.

All of this suggests that at least while above the initial high of last month we could see significant progress. What helps, even though we do not have that much historical data to go by, is the way that the October intraday spike was 400p. This may sound like an ambitious target. But given the strength of the present reversal formation since the beginning of November, it should be enough momentum here for a further push up to the implied technical target over the next 1-2 months.


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