Saturday, June 25, 2011

A Hot Iron

We will begin to analyze the daily chart of $IRWD.Yes, i do like the higher lows, the bull flag, the 20EMA hold. What I like most, however, is this: Look at the volume that came in during Friday's session. huge. It hit some lows, than was immediately bought up on strong demand to rest above the 15.96 breakout area. Also, there was a filing on Thursday to sell 50,000 shares. Friday, somebody picked it up very powerfully. It would be beneficial if you look at the hammer that I circled on the 30 minute chart. Someone big is catching support, hoping to have got a big discount. Included is the daily, and to get a real perspective on how this has traded, the 30 min. Prepare to go higher.

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