06-21-2012, 07:14 PM
Long ago I presented my view that the stock would rally to the high $70/low $80s area, challenging the all-time high in the $84 area and do some "work" there before breaking out and surging much higher.
The "much higher" was expected to be in the area of $130 to $140, after which I intended to sell a substantial portion, if not all, of my shares, to capture the inevitable pullback to retest the breakout.
Subject to changing that view at a moment's notice in response to triggering events, news announcements, etc. that is the current game plan.
trans effectively gave the same kind of version yesterday on the "Election Schedule" thread in his post #12225 without the price target and subsequent action I predicted.
For a different view, there was a small group (5 of us, I recollect) of AGM attendees who had lunch after the AGM. At that lunch, a very intelligent, non-posting, Grand Rapids stock broker (who will go unnamed) contended that the normal technical chart techniques do not apply to IOC given a lot of well-discussed factors. I recollect the main point of contention was the extent of the pull-back to retest the breakout. Since both of our views are just opinions of the future stock price actions and neither of us has the "proof" of our respective views, we'll have to await what actually happens.
Given what has happened the last few days, it appears as if the first step in my expectation is happening. If the stock consolidates in the present area, or goes a little higher (to the low $80s) before consolidating prior to a BIG breakout, my expectations will be realized. Timing-wise, with deal announcements coming sometime in the next few months, the length of consolidation could be just about what was expected.
We'll see.
In any event, I wouldn't try getting too cute in trading anything prior to the BIG BREAKOUT that really could come at any time, without my charting expectations being realized.
Connect the dots.
VS
The "much higher" was expected to be in the area of $130 to $140, after which I intended to sell a substantial portion, if not all, of my shares, to capture the inevitable pullback to retest the breakout.
Subject to changing that view at a moment's notice in response to triggering events, news announcements, etc. that is the current game plan.
trans effectively gave the same kind of version yesterday on the "Election Schedule" thread in his post #12225 without the price target and subsequent action I predicted.
For a different view, there was a small group (5 of us, I recollect) of AGM attendees who had lunch after the AGM. At that lunch, a very intelligent, non-posting, Grand Rapids stock broker (who will go unnamed) contended that the normal technical chart techniques do not apply to IOC given a lot of well-discussed factors. I recollect the main point of contention was the extent of the pull-back to retest the breakout. Since both of our views are just opinions of the future stock price actions and neither of us has the "proof" of our respective views, we'll have to await what actually happens.
Given what has happened the last few days, it appears as if the first step in my expectation is happening. If the stock consolidates in the present area, or goes a little higher (to the low $80s) before consolidating prior to a BIG breakout, my expectations will be realized. Timing-wise, with deal announcements coming sometime in the next few months, the length of consolidation could be just about what was expected.
We'll see.
In any event, I wouldn't try getting too cute in trading anything prior to the BIG BREAKOUT that really could come at any time, without my charting expectations being realized.
Connect the dots.
VS