Stock Chart Analysis IOC

Posted by downtowntrader | 7/15/2007 06:50:00 PM | 0 comments »

Stock Chart Analysis IOC

InterOil Corporation (USA) (Public, AMEX:IOC)

IOC was severely punished recently and who's to say whether it was overdone or not. Either way, it had a quick bounce into resistance and it's possible that this was a dead cat bounce and that IOC is not done moving lower. What I can say with near certainty is that there are probably a good number of longs who feel trapped right now, and overhead supply will be abundant. I am watching to see how IOC deals with the 200 day sma as it bounces on decreasing volume.

Good Trading,


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