We don't have a lot of trading history on IQ, the Chinese streaming company, but we can look at a couple of charts with their indicators.
In this daily bar chart of IQ, below, we can see that prices had a steep and short-lived run up from $16 to $46 in a few weeks from May to June but since then prices have slowly and steadily eroded. IQ has fallen the $20 area from $46 but signs of a low or bottom are not on my radar. IQ is trading below the declining 50-day moving average line.
The daily On-Balance-Volume (OBV) peaked with prices in June and has declined steadily telling me that sellers of IQ have been more aggressive for months.
In the lower panel is the 12-day price momentum study which shows that the pace of the decline has slowed from July but that has not foreshadowed a rally or reversal yet.
In this Point and Figure chart of IQ, below, the chart shows a possible downside price target of $12.
Bottom line strategy: I am in agreement with Jim. We don't need IQ.