This is one of the stocks I have been following and, like most stocks in this market, volatility is the watchword.
ILU has broken through the 6.20 resistance a couple of times lately and has done so on very heavy volume.
Today, it has retraced to test the lows at 5.70 and will hopefully bounce up from them. If it falls below 5.70 on a Friday close then all bets are off.
If ILU can manage an end of week close above that key 6.20 level (for a third time) I would take that to be a very positive signal. If that can happen - hopefully by week's end (or next week, or the week after) - ILU may well experience a trend reversal which could see the stock move up and target the resistance at 7.75 and thereafter (if its stars align) the resistance at around 9.00.
Of course, in this market with so much riding in the DJIA, anything is possible.
Just my musings on the 'ugly duckling' of the resources boom which is long overdue for its place in the sun.
Any other chartists' views on this one?
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