'tarulestheday' pid='7141' datel Wrote:Hello Uberlongs.
First of all, many thanks to STP for allowing me to post here.
I thought I would take a very objective look at the IOC technicals. Part of me finds this somewhat irrelevant as news trumps technicals 99% of the time and we all know IOC is more than ripe for news. However, the overall market does affect IOC in the very short term.
First the market:
http://stockcharts.com/h-sc/ui?s=$SPX&p=D&b=5&g=0&id=p68278475985
The S&P just pulled back to the 150 day and is below the 10 and the 20 day - BEARISH
Negative crossovers in both the MACD and stochastics - BEARISH
CMF money flow - BULLISH
Slightly different chart view:
http://stockcharts.com/h-sc/ui?s=$SPX&p=D&b=5&g=0&id=p46116814219
RSI heading down to 50 - BEARISH
Parabolic SAR still on BUY signal - BULLISH
Summary - S&P is working off the overbought status but is still in an overall uptrend - BULLISH
Taking a look at IOC:
http://stockcharts.com/h-sc/ui?s=IOC&p=D&b=5&g=0&id=p84416056616
IOC still trading above the 10, 20, and 150 day - BULLISH
Negative crossovers in both the MACD and stochastics - BEARISH
CMF money flow turning back up from the options MM takedown last week- BULLISH
Slightly different chart view:
http://stockcharts.com/h-sc/ui?s=IOC&p=D&b=5&g=0&id=p69476968266
RSI flat at 61 - NEUTRAL- BULLISH
Parabolic SAR still on BUY signal - BULLISH
8/21 Day EMA crossovers still on a BUY signal (my GOTO favorite trading indicator) - BULLISH
Summary - IOC is working off the overbought status but is still in an overall uptrend (similar to the S&P) - BULLISH
Maybe Mr. On Balance Volume (Trans) will jump in here and comment but looks to me like OBV is turning up after a minor pullback last week.
TA, On balance volume high for the year occurred 7/18 with a +29,361,000 reading. As of 7/23 close, On balance volume was +28,806,000, needing only +556,000 volume to make another on balance volume new high. This is about a day or so volume if closing higher, gives a new signal uptrend. Any good news here should finally take IOC to 80+ and start it on a new run. Downside appears very limited, imo, and this little consolidation should be short and sweet I believe. A move to new highs 80+ would trip lots of bullish T/A signals. A little more patience, but not much, imo