IDO Security Still Holding Ground

idoi20090717

IDOI Security is still holding its ground more or less today.  This is not the most attractive play in the world but I have still been watching it as long as it does a few critical things next week.

Today was pretty much a non event day for the stock.  A down day on weak volume.

So IDOI is going to do one of two things next week.  The first thing it could do is just meander under this white down trendline pictured above similar to what it did before in an almost endless drawn out selloff that will take it back to the .0015 to .001 range before moving higher.  It is a definite possibility given the large float of this stock.  That type of scenario is definitely not the preferred one as far as good setups go.

The second possibility is that it could start to develop a breakout above this down trend and initiate a big move with confirmed volume.  But right now it is still in idle here and quite frankly there is not too much to get excited about.

It needs to get in that green shaded area before I can start saying something significant is about to happen.  But until then it is dead money. .003 is definitely a significant hurdle to overcome.  If IDOI can do that then it could open the door to .0057.  But for now IDOI has a lot of proving to do.  I may not mention IDOI again if it does not get above this down trendline by end of next week because that would indicate to me that something else is going on, and any upside is going to be significantly delayed.

Posted in Penny Stocks, Sub Penny Stocks
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