IVX
has found some tough overhead resistance meeting it's strong volume, failing several times in short succession to push on. This looks a case of somethings gotta give. It is trading well above where it was only a few months ago, and the buyers may very well be unable to punch through. Perhaps some of the resistance is coming from all the way back in 2014.
It is going to find it tough to carry on it's run, but I'm not going to write it off just yet.
Comment:
My short call was definitely 1 day early, and I suspected as much. But boy oh boy has it tanked now, over the course of 2 days the price dropped a full 50%, quite shocking indeed. Looks to have found support at 3c. I think there may still be some downside potential, but I think it's quite limited from here with the bottom possibly lying in the mid 2c.
Trade closed: target reached:
Going for another tearer, always an interesting stock to watch.