A strong finish to the week with a nice close on a major resistance level(19.5) indicates that momentum is building nicely from a TA perspective even if it was a doji close.Although on the weekly chart its a fairly solid candle.Also some good volume and a higher intraday high at 20.5.
The move from 12c to 19.5 saw an approx retracement of 50% and as Dentons pointed out bounced off support there and has moved up nicely to its next challenge.If it can go no lower than 17.5/18c next week then there is a good chance we will quickly see a retest of the high last year of 28.5.A really strong move to even 35-38c could be on the cards if some of the instos start getting on board.
With the price action the last 2 days buyers might be getting edgy and realising that this train might not be making any return journeys for along time indeed.
Tigerpen8
IGR Price at posting:
0.0¢ Sentiment: Buy Disclosure: Held
