>>Scenario 3: There is no rally, we return to $9, therefore IPM goes
sideways a while. In this case, keep buying. Break down below $8 would
not be good, short term.<<
I would watch closely tommorrow to make sure this isn't the one. The vol has not been good on this rally, and there is a possibility of a failure at 11 3/4-12. That is the price I will be watching closely tommorrow. It is generally difficult to recover, on the first rally, from a 'smokestack' such as the one over IPM at the present time. As to the 'ascending' triangle I have heard mention, I don't see any ascending triangle, and I would say it is stretching it to even call it a symmetrical triangle. Triangles are notoriously poor to trade off of. ( I should know, I have failed trying to do it enough times). Generally symm triangles continue the trend, but not always so. This stock is very difficult to trade from a T/A point of view, as it is so news driven. Don't get me wrong, I am, and have been long for a long time, and nobody wants IPM to succeed more than me, but just thought I would put in my 2 cents worth.
aloha,
Kevin |
