Hi all, Just looking around at the squiggles again and thought I'd share.
IHL is still in a long term downtrend, as if that's a surprise to anyone here. Specifically in the last week or 2 our 5 day has dropped below the 50 day, which basically means there is little interest.
@Breakingsystem mentioned in the other thread that it appears to be range bound at the moment, shuffling between 15 and 11 and hovering around 12.5 - 14c. I tend to agree, the range is pretty sparse and there isn't any real volume to speak off. Sell off followed by low volume, then another sell off seems to be the pattern.
It looks like there is buyer strength on the book, but again its all just sitting below the ask, waiting for sellers to fall into it.
For those waiting on announcements to shift the SP, remember that every positive announcement has been met with a sell off.
Without knowing exactly, I'd say that we are heavily in the realm of retail whim right now, I don't think ''shorters capping'' or any of the like holds much weight here.
What's it going to take to shift the SP?
Well, the company has stuck to their goals and timelines through this whole thing, so if you are expecting that miracle announcement that comes and bumps us into the stratosphere I'd say you'll be waiting a while. I can't see positive news from IHL lifting the market or the SP too much in the near future, I think that based on the pattern that has unfolded over the last year or so we will be waiting for the market to shift back to ''risk on'' before we see sustained upwards movement.
Not a pretty picture, unless you happen to be ignoring the market and the SP and purely focusing on the business for the LT view.
Good luck all
IHL Price at posting:
12.8¢ Sentiment: Hold Disclosure: Held
