Hi all, a few things here that have developed.
Firstly, you are better placed (IMHO) in following the fundamentals with IHL, that being said its good to get an update on whats happening with the chart and some perspective. I do the technical stuff mainly to not forget how to do it and I find it interesting.
so..
We have had a good fill of the gap from 22.5/23.5 over the last week or so. This gap was created early August at the start of the run up. We broke out of the up trend on October 26th, when the SP settled on the 0.618 shorter term fib at 25.5.
From there, we dribbled down underneath that level to sit in limbo.
Recently, the 22.5 level has been tested a number of times and held, except for one day when the whole market was red. We seem to have had a good rejection of that level in the last few days and are breaching to test that 0.618 line at 25.5 as a resistance. 22.5 being the bottom of the gap.
A close above 25.5 would be a good thing to see.
The biggest point here is that all of this has been on low volume, Even the little uptick in volume has been (comparatively) low so its a little hard to get a read as you can still push the SP around so easily with a little weight.
Watching the buy side has been interesting. There was a good number of buyers at 22.5 for the last week or so, since this little breakout those numbers have disappeared and a number of buyers have chased the price up. Thats a good thing, but the other side of that coin is that on low volume that can change quite fast.
Yes, I'm enjoying the green days but the low volume is still the thing that holds us back from a decent run, IMHO. Of course, this could all change in a second so don't take it as gospel, its just what I can see from the information the charts display.
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Hi all, a few things here that have developed.Firstly, you are...
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