IOC Trade Update

IOC has been in the trading portfolio as one of the few non-market correlated longs. I liked IOC because of a major capitulation event followed by a fairly substantial base, the trade is in the green and it looks like it's just breaking to stage 2 (very early). If you liked the idea of the position, it's at a reasonable level here and an intraday pullback or fill of today's gap would make for a low risk entry.

 5 day chart showing the capitulation event and following base and as volume starts to rise, price is breaking out to stage 2 mark up and we are able to apply a Daily Trend Channel Stop now.

 My custom, DeMark inspired Buy/Sell Indicator shows several buys and sells, it has been fairly accurate with tops/bottoms and is currently on a long signal.

 60 min 3C chart showing clear distribution just before that nasty break and capitulation event, smart money knew something in advance. Since, IOC has formed a nice base and has a good signal. I CONSIDER THIS A LONGER TERM TRADING POSITON, BUT NOT A CORE POSITION, IT MAY BE MONTH/S.

 The 30 min chart where accumulation picks up on a head fake move lower and ever since.

5 min chart in line, but positive at the head fake move, this is when IOC's character in the base changed toward the bullish and it's a much larger base than I originally anticipated  which means it can support a much larger upside move than originally planned for.

The daily trend channel can now be applied as it is just breaking out and there is some trend to track, the current stop on a closing basis is < $52 so with a slight pullback this could be a nice entry with lower risk, if you like it you might want to put in some price alerts. For those in the position, this is when we just let the Trend Channel do its thing.