After its major decline last October 24, IP tried to rally to as high as 2.2, but failed. It retested its support at 1.80. And just when we thought it was dead, IPis was flying again. It successfully took off today, breaking above 2.2 to reach a high of 2.38 to close the day at 2.33.
If you look at the chart above, you’d see that IP consolidated within its 62% to 79% retracement zone (Potential Reversal Zone) and today, broke out above these levels. I regret not taking a position here. Hindsight, I know. But last week, I already plotted the Fibonacci retracement levels and saw this but I wasn’t confident about its strength. Wait, scratch that. I was uncomfortable taking a position, period. Haha! So today, when I saw IP break above 2.2, I knew this was different already. I didn’t rush. If it is as strong as it is led to appear, there should be a follow through. After surging to 2.3, IP retraced to as low as 2.19. Objectively speaking, buy na dapat diba? But I still hesistated. Sorry, tao lang! I ended up buying on breakout at 2.24. It corrected back down to 2.2 (*tug tug, tug tug* Can you feel my heartbeat?:D). Then I bought more at 2.22 when I saw support at 2.2 held. I was able to sell half at 2.28. My next selling was at 2.33 but on that wave, it only reached a high of 2.32. So I sold my remaining shares at 2.29. Apparently, 2.29 had already become the support. I bought back higher at 2.34 and 2.35 but cut loss at 2.32 when it failed to accelerate as expected. Day trading fail! Let’s try again tomorrow! I’m quite excited for IP.
See that? IP has definitely broken out from its range and may continue to go higher tomorrow. It may have consolidated near today’s close and that may already be a good buying window. Target? 2.5 to 2.6. Best case scenario, 2.8. All I’m saying is, IP deserves a second look. So, look! This is definitely on my watchlist/play list tomorrow, that is, assuming support at 2.32 holds. (Remember 2.32? My cut loss price? Remember I also sold at 2.29 and it turned out to be the support? I am cursed! Hahaha)