07-27-2012, 05:55 AM
'trans' pid='7305' datel Wrote:Only short term caveat I see here, in looking back at trading behavior, is that short term tops have occurred at the following peaks off of the 50 day moving average. 18, 15, 18, 16 points with the final two peaks off of the past all time high, 20 and 24 points in the ultimate high. Point to remember is that the 54-55 peak high back in Oct 2009 was followed by a sharp rollover of around 10 points, after which IOC proceeded higher to 84 in Jan 2010. I believe this stock is headed much higher but with today's big pop, IOC is 18 points above its 50 day sma. So, we are getting into short term overbought territory. Can it go higher here? Sure, would love to a $90 +/- and then take a short term breather. Longer term is higher tho. imo
I agree short term we are overbought. But if you recall the 84 all-time high in January 2010, that was driven by rampant oil rumors and then the subsequent drilling result report let down. Today's situation is much different. No doubt though that the stock will take a few much needed breather consolidations.