RE:RE:RE:RE:51.60I laugh when people say "TA doesn't apply to this stock", or "TA is a waste of time". It isn't if you understand how the underlying trends work in relation to market fundamentals. For Example, Oil developed an 8 month wedge pattern which is considered a period of consolidation before breaking to the upside. This happened the day after the OPEC announcement. However I won't get into the details of that but the trend does indicate a shift in market fundamentals whether bears want to believe it or not.
As for this stock I see a quick pit stop at 1.55 assuming this trading strength continues. After that the next leg of strength should carry us over $2.00. Last time it was trading in the 2.20 range it pretty much went into free fall to 1.55. Now that we are already in an overbought scenario with RSI approaching 80, I think it's reasonable to see short term resistence at 1.55. However I'm taking other things into consideration right now such as if the price of Oil can break this 51.50 level and go higher. There seems to be an epic battle here between the bulls and bears at this triple top price level.
That being said, Ithaca hasn't been trading in correlation to oil over the last 9 trading sessions. Ithaca has seen absolutely no selling pressure as we now have 9 straight candles and Ithaca has not reacted or lost any steam at all to Oil's retracement from the high. This kind of buying makes me wonder if some news leaked, or just the mere fact that this company will be highly profitable at this level, especially after first Oil from stella. Either scenario works just fine with me. Cheers