Haven't looked at Iluka for a while but I think it is starting to look interesting now after a year in the slammer.
It's been relatively strong the last few months in a weak resources sector.
- To me it looks like a complex inverse head and shoulders pattern forming on the chart.
- Might try a few more times to crack through the duel resistance created from the bottom of the last range and the ultra high volume from the second downgrade last July. Collectively this massive resistance is between 11.50-12.00.
- Short interest (in yellow) has been coming down nicely over the last 6 months.
Will keep watching form the sidelines for now.
ILU Price at posting:
$10.50 Sentiment: None Disclosure: Not Held
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