IDO security, the company I mentioned a couple other times has managed to break up and through the minor down trendline that has existed since early July. While this is a positive sign IDOI is not out of the woods yet as far as breakout territory is concerned.
For IDOI to really start heating up we need to see a sustained move above .003 with preferably very robust volume. Volume is substantial today but not blockbuster volume. I am a bit weary of these super large ‘total outstanding shares’ type of penny stocks, but I gave IDOI a mention anyway because it has this nice relatively flat base and then volume and price advance coming off the base in the recent month.
Do we get a breakout above .003 ? I can’t answer that. It is just one of those things we will have to wait and see. If you pushed me to the wall and forced me to give you an answer then I would say yes it can do it based on everything I am looking at now. But we will have to see on this one. The real ‘story’ with IDOI is (sorry to repeat again) if a sustained breakout of .003 can be maintained. That is the real trigger I am looking for. But today’s action so far is quite positive and helps IDOI avoid the ‘endless price drift downwards’ syndrome.
Unbelievable! In my previous post I wrote about a mega popular world class index representing billions upon billions of dollars, and then this post is a sub penny stock trying to break .003. Talk about being on opposite ends of the spectrum! Geez!