IRPC : Game changing resistance at 5.60
February 23, 2011 Leave a comment
IRPC’s chart makes for interesting analysis. The stock has game changing resistance at 5.60, and with a solid 190m shares already going through the ticker, another retest of this level is possible.
For a breakout above 5.6 to hold, we would need another 200-250 million shares to trade this afternoon – with a strong buy-side bias. It will not be able to break out on 100m shares turnover of less.
For the VST, a punt from 5.35 might tempt some.
If and when 5.60 is cleared the counter should advance to nearer 6.10. This scenario will remain valid as long as the stock holds at or above 5.20