You reckon? Been a helluva run, but I'm a bit 50/50 on the Chart at the moment if I'm honest.. Was looking at it at lunch and things looked dire, but the close has helped it along mightily. Although I do get a bit wary when I see continued growth on declining volumes (today being the lowest by a fair bit) - surely there has to be some exhaustion set in sometime? We are also way outside the 2.25 Keltner Channels which is generous at the best of times and RSI is boiling and has been for a few weeks now..
Think we may see a short bounce up then slight retrace to a support zone / comfortable FIB level for the bulls around 37.0c or so. However who knows - in this market when a stonk is on a stonk is on... This is only my opinion and shouldn't be taken as a trading recommendation / opportunity.
Interesting, not sure if anyone follows Sydney Trader on the Tweeter? Was watching one of his live roundups on Sunday night (you should definitely catch them - they're excellent) and he looks at longer term pivot targets for companies as a component of his TA review. Understand it's a different company back then and not everyone ascribes to this - but I've seen him call it out as a target (and nail it) on another stock of mine in the same scenario so I like to keep it in mind. Long term targets for IHL as key pivots are below, will let you froth on them at will but will LOL that the bottom one at 33.5c just so happens to be our last high during the previous run...
As an aside, have now managed to trade myself into my largest holding of IHL shares. Partly because the trading has been good (relax long termers - it's my only share in the investment portfolio so don't @ me with Buffett quotes), and partly because today I was chasing the accumulator(s) / distributors (can't rule this out too) up the ladder with an order. Kept moving my buy up and as soon as I did, they would wipe the next sell line up and simultaneously stack the buy line so first in queue. Was fun for a couple of levels until I took my eyes away for a minute and a trader / profit taker took out my prop buy. Oh well...
Thinking that apart from maybe the Dubai friends, I don't believe the US institutional buying has begun - just wonder why they would buy now when they don't know what the IPO price (at a discount to VWAP) will be / how much of the pie they'll get a slice of? Reckon they're waiting to understand their exposure and when we see them buy in it'll be in the next accumulation phase (maybe after a short dip) with some sideways chop and then real fireworks begin as they let it rip. Reckon anyone accumulating / buying up now will be local opportunistic parasites trying to make a buck when they can flip it post IPO.
