RE:nice rallyI
think the current rally stalls around $2.55-$2.58 and consolidates for a few days. I will see what it does the next few days before making any assumptions about whether this rally sticks and is not at risk to retrace its steps back down to the bottom of the range.
I think the current rally stalls around $2.55-$2.58 and consolidates for a few days. I will see what it does the next few days before making any assumptions about whether this rally sticks and is not at risk to retrace its steps back down to the bottom of the range.
Read more at https://www.stockhouse.com/companies/bullboard/t.iae/ithaca-energy-inc#TDW8X7Y6BUbGmRVM.99
FWIW if anyone here follows technical analysis: as predicted the rally has stalled and the next few days will be critical. I will watch for it to form the right shoulder of a small reverse head and shoulders formation with a measured target to $2.75. If it fails to convincingly crack the neckline at $2.56 over the next few days, then risk moves back to the lower end of the current trading range ($2.30s).
Note to D2B, I hope you are right about the high tight flag formation developing but I don't see it myself (yet). There was a flagpole with pennant formation that unfolded from Aug 20 to Nov 7 but the breakout and second leg up was a bit disappointing (and less profitable for me on a short term trade than I had hoped).