ITD : A pullback to 3, possibly 2.8 or so looks likely
September 25, 2011 Leave a comment
ITD fell through key and indeed MT support in the 3.90-4.00 range last week. There is some support near 3.4 and again 3.26, but a dip to 3 or close, or indeed down to nearer 2.84 looks as if it will occur during Q4. Could be as soon as October.
Any bounce from 3.5 or so faces resistance from 3.60 up, with 3.70 to 3.74 a stronger barrier should a dead cat bounce ensue.
As a possible trade scenario, entry near the close at 3.54 with a tight stop should 3.50 fail to hold, with a VVST target at 3.60-3.62 and if you see a very strong global bounce Monday or Tuesday, maybe on to 3.68-3.72