Posted by wbarclay on 28th of Jun 2013 at 10:06 am
IL was an old Trade Idea and never broke out. It has been
in a base for ~1-1/2 years and finally looks like it is breaking
out. Can anyone take a look and comment on short-term /
long-term targets?
wbarclay- regarding IL, this must be the old chart
that you are referring to, I posted this way back, and yes the fact
that it took out the trendline earlier this month is a positive -
though I would like to have seen higher volume on that trendline
break. When all the MA's converged recently in May and June
is what gave it the spring board to launch, which is something that
Steve discusses in his tutorials. Clearly the Inv H&S
that I pointed out at the time was negated with that long
consolidation - but it still had a nice base and trendline to
follow
There is resistance at 7.4 and a gap around 8.5 from back in Nov
last year.
Posted by wbarclay on 17th of Jul 2013 at 02:41 pm
Mike, thanks for your comments last month, they helped me decide
to hold and IL broke out of that 5.5-7.0 range and now has found
resistance near 10.0. I sold 1/3 when it first hit 10 but I
am holding 2/3 because it looks like it has more upside
potential. I am seeing a bull flag and next resistance ~12,
then none until the 16-18 range. It can't just continue to go
straight up to those levels like it has done over the last few
weeks, but I think it has potential - although a big market
pullback could drag it down. Can you please comment on the
near-term and longer term potential/options?
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IL - comments/targets on old Trade Idea
Posted by wbarclay on 28th of Jun 2013 at 10:06 am
IL was an old Trade Idea and never broke out. It has been in a base for ~1-1/2 years and finally looks like it is breaking out. Can anyone take a look and comment on short-term / long-term targets?
wbarclay- regarding IL, this must
Posted by matt on 28th of Jun 2013 at 10:27 am
wbarclay- regarding IL, this must be the old chart that you are referring to, I posted this way back, and yes the fact that it took out the trendline earlier this month is a positive - though I would like to have seen higher volume on that trendline break. When all the MA's converged recently in May and June is what gave it the spring board to launch, which is something that Steve discusses in his tutorials. Clearly the Inv H&S that I pointed out at the time was negated with that long consolidation - but it still had a nice base and trendline to follow
There is resistance at 7.4 and a gap around 8.5 from back in Nov last year.
IL Updates
Posted by wbarclay on 17th of Jul 2013 at 02:41 pm
Mike, thanks for your comments last month, they helped me decide to hold and IL broke out of that 5.5-7.0 range and now has found resistance near 10.0. I sold 1/3 when it first hit 10 but I am holding 2/3 because it looks like it has more upside potential. I am seeing a bull flag and next resistance ~12, then none until the 16-18 range. It can't just continue to go straight up to those levels like it has done over the last few weeks, but I think it has potential - although a big market pullback could drag it down. Can you please comment on the near-term and longer term potential/options?