Recognia has detected a "Head and Shoulders Bottom" chart pattern formed on
InterOil Corp (IOC on NYSE). This bullish signal indicates that the price may
rise from the close of 55.69 to the range of 65.00 - 67.00. The pattern formed
over 22 days which is roughly the period of time in which the target price
range may be achieved.
InterOil Corp has a current support price of 52.25 and a resistance level of
58.40.
A Head and Shoulders Bottom is considered a bullish signal. It indicates a
possible reversal of the current downtrend into a new uptrend. A perfect
example of the Head and Shoulders Bottom has three sharp low points, the
middle one being lowest, created by three successive reactions in the price of
the financial instrument. The technical event occurs when the resistance
marked by the "neckline" is broken, thereby confirming the pattern.