IBG - charts, I'm in.

Haven't seen any charts on this stock so here goes.

Context: IBG has been in a down trend for...ever. But since bouncing off the 5c lows in 2008, it has bounced again in 2013/14, and here we are again in 2016, halting and chopping around this level, and with a clear jump in volume which shows interest is back in this stock.

Chart: Pattern traders may see a Cup&Handle formation (bullish) forming, and the handle itself is also an inverted Head&Shoulders pattern (also bullish).

Trigger: Increased volume in the second shoulder (May 19 onwards) indicates some possible volume absorption. And if I'm right, may act as the low/strong support in the short term.

Depth: Fairly even, 1 for 1 in terms volume on bids vs ask. Note the big ask at 4.5, as price moves up, I'll be watching how it trades, whether volume will eat through it, or sellers will pull their orders (possibly spoofers who are actually buyers)...

Shorts: To ease concerns on downward pressure, there is no short interest on this stock (Link), and none of my brokers offer short-selling it further, do check yours if you're worried.




Feel free to share your thoughts whether technical or fundamental.

GLTAH!