The last few months saw lows made of 61 to 63 while afterwards the stock rallied into the 80's. In commodities trading a bear trap is not unusual as the bears try to "shake out" stock from T/A and other players as support levels are deliberately broken, creating a high volume "washout". The support in the two lows in the 61to 63 area was broken last several days. I see a "classic bear trap" forming here (I mean classic!), where a high volume washout cleans all loose holders and forms an excellent basis for an important low that will support a strong move higher again. In fact, I've been through a few in the past 6 years in IOC. Worst was June 07, Every single one of them saw IOC recover and after a consolidatioin phase, move on to new highs. imo, this is an excellent entry point for those with cash and some patience. trans
