IOV - 24.25p .. the WEEKLY movement chart below, is the one that I posted for my last review on the 25th November .. but I have now added its movement and indicators since that date.
It can be seen that the dominant level, is still the 26.00p barrier which, for a number of months now, has been preventing the price from rising further .. however, it also shows that an 'underlying uptrend' has been developing, which places the price within a triangular formation, and as the price is 'squeezed towards its apex', a decision has to be made on its short term direction.
Zooming in to view this in more detail, it can be seen that the underlying uptrend converges on the 26.00p level at the end of February, however, it looks as though its short term direction may be decided prior to this, due to another triangular formation converging on the 25.00p level towards the end of January.
So at the moment, a little more patience is still needed, to await its decision, but at least it now appears to be fast approaching .. I still anticipate some strong upward moves should a breakout of the 26.00p level occur, but would be looking for a 'close' above 27.50p as confirmation that the 26.00p level is being finally left behind.
On the negative side, if the breakout occurs to the downside, there is horizontal support just below at 23.00p, and another lower underlying uptrend that will try and lift the price again.
