IOC POSSIBLE SHORT ENTRY

Last night I covered IOC as a longer term short sale candidate, I like it on a longer term basis right where it is as an equity short (Not as an option /Put because of timing issues), more or less a longer term trending trade.

This is already an open (profitable) short equity position for many of us at higher levels, but I still like it here for new trades or add to positions.

I mentioned the possibility of a little bounce making IOC an even better short entry (better entry, less risk, netter timing) and also mentioned possible using a phased in entry and risk management allowing you to add at higher levels. Please see last night's post for details.

Here's what I'm seeing now that may be worth setting some price alerts.

 This is the H&S top mentioned, it's fairly large at over a year and at least 40 points in the pattern.

 That makes the pattern implied target somewhere around $10, maybe $20, still if you use my technique to "Make more than 100% in a short sale", this has the possibility if not probability of being a very lucrative position.

 This sort of large ascending triangle (which is too large to be a consolidation pattern) appears to be the right side of the shoulder of the larger H&S and there's a possibility that it at least moves back in to the triangle if not above it which would be around $78 which is the area I said I would add to IOC if I entered a partial position here.

The 30 min chart has much higher probabilities than the 2 min intraday chart above as far as the bigger picture and the underlying smart money trend and this is a clear leading negative divergence which would suggest very heavy distribution, so any chance to add IOC at better levels as a short is something I'm very interested in.