big chomp, page-44

Kingswood
I dont know how long you have been trading for but what you describe is very common in all stocks on un uptrend and looking to break higher. Why do people sell a stock that looks like it is moving higher. Well that is anyone's guess but it happens all the time. I hold IGR and two weeks ago there was a huge wall at 56. The sell line was about 3 times bigger than any corresponding buy line in the buy line. As the stock moved up to 56 big sell orders would come in a 55.5. And 55 and 56 would get topped up everytime it was nibbled at. To me it was clear the line at 56 would eventually go. Later in the afternoon the line got taken out and the shares closed at 59.5. So I ask you why would people sell at 55 when the resistance was getting closer to be taken out. Stocks move up with plenty of buyers and sellers every day. I will ask you why did the SP close at 9.7 on at Thursday and yet 20 million were will to buy between 10-11 on Friday.
As for taking profits, I am sure some who bought lower will but I also feel with consistently big volume of 20 million units these sellers are been exhausted and new buyers will demand much higher prices to take profits helping the SP appreciate.
The trend looks good, the bounce on Friday recomfirms momentum is positive and with drilling results days to weeks away I can't see this not brEaking resistance soon