techincal update

Although I mostly let long term fundamentals dictate my investment decisions (especially with IDC), thought I would share my take on IDC's technicals, given the continuing pressure to the downside.

Yesterday, IDC was the only pure play PM stock (at least in the $60m+ MC category) that I could see making a new/equal all time or multi year low. Many PM stocks eg. NCM, EVN, AQG, AMX, GRY etc. appear IMO to have already put in their SP lows, although if the gold price were to fall below $1600 then this could obviously change.

Must admit, was a tad concerned with IDC's SP movement/support over the past few days and we were very nearly again in blue ocean territory yest. I say very nearly because $0.093 close yest. = the low of a few days prior.

Where to from here?

IMHO IF we close at $0.095 or higher today, then the weekly chart still looks in tact technically, equalling the previous weeks close of $0.095, and therefore indicating solid support at this level.
IDC's RSI and MACD made deep & recent lows back in Dec. and an OBV all time low was made last month. i.e. The trend for these 3 indicators has been up since their respective deep & recent lows.

Any trading below $0.093 IMO could invalidate both long term & recent SP support and could mean more blue ocean ahead, however as yest. preso eludes, we could be close to (if not already) at an inflection point. Certainly some of the technical indicators are suggesting this ATM IMO. I look for a break above $0.10 on the daily chart as a starting point and a then $0.125 on the weekly chart to confirm that a solid breakout has begun, keeping in mind that this could be weeks away IMHO.

In summary, with WRZ bonanza results just around the corner according to mgmt, $GOLD establishing itself above the US$1600 mark, PM indexes and many of their stocks rising nicely from recent multi years lows, $0.093 may well be the bottom for IDC IMHO. Only time will tell.

My views are my own and not designed to form advice or influence. DYOR & consult a professional