$IP is still showing weak momentum as price continues to trade below all major moving averages, indicating that the downtrend remains intact.
Key highlights:
Price is sitting on a short-term support zone around 2.21 – 2.23.
The 20MA and 50MA are sloping downward and acting as dynamic resistance.
The 200MA is far above price and still strongly declining, meaning the mid-term trend is clearly bearish.
A previous bounce attempt failed at the 50MA, showing sellers remain in control.
Scenarios:
Bullish:
If IP holds the current support at 2.21 → a corrective bounce toward 2.35 – 2.53 (20MA → 50MA) is possible.
This remains a counter-trend move and requires strong volume to sustain.
Bearish:
If price loses 2.21 → a drop toward 2.12 – 2.15 or even new lows becomes likely.
Given the overall structure, downside continuation currently has the higher probability.
$IP is approaching a sensitive zone, and the reaction at 2.21 will determine whether a short-term rebound happens or the downtrend accelerates.
