IOC Position Management and New Trade

I prefer that I had put IOC and a few others in a core portfolio rather than a trading portfolio because I really don't think trading around these is the best idea, but that means pullbacks are opportunity cost.

For those not in these positions and maybe interested a pullback is the time to take a look.

Here's IOC which was features earlier in the week in greater detail.

 IOC looked like an interesting candidate after a capitulation event and a base started forming, it's in the green for us now, but after just breaking out of the base, it too looks set for a small pullback.

 I showed the X-Over screen earlier this week and where the false signal had been and the real buy signal, the 10-day yellow moving average is also the most likely place for the first pullback after a new buy signal, it should be higher by the time price and it meet.

The longer term chart is still very positive so I think this is a constructive pullback we will see meaning it is accumulated for the next leg higher.

Around the 3 min chart we see profit taking and some light damage that makes me think it will pullback. This is another I'll probably just sit on rather than try to trade around a small pullback.