should i or shouldn't i take a position

I noticed that Roadkill.... made the comment the other day that the institutions will ensure that the share price doesn't drop too much further as it is in their best interest in the case if the retail investors don't take their full allocation I think the date is 29 July.
Looking at the support it has been receiving it appears it will hold these levels as it hasn't venture below 85 since the start of the month. Daily Slow stoc is about to turn.
So I think with a stop at 83 cents (weekly 50% Fib retrace is at 84 cents) with a target between $1.10 and $1.20 should be possible as it appears this level is the first line of serious resistance. I am not exactly sure how best to apply Robb's speed angel and use that for a target.
On the other hand when the general market retrace this share might spend more time in accumulation can’t see compelling reasons for it going down any further. So my plan is to take a position today. I would like to hear any other opinions/views.