What does the chart show us? This is purely a technical opinion, except for the fact that this stock is a part-nickel play ... and the PONi is looking good right now.
ITT's SP has been trawling along a bottom since a 1.4 cent high on the 19th of December last year. But on the 4th of this month the SP jumped from 0.4c to close at 0.7 c - with volume. From that date the SP has risen and (here it comes) closed above the 30DXMA on the 10th.
For information, one of my most trading useful indicators is the 30DXMA. I like a stock that might have been going down a while, but has seen fit to reverse and remain on that average's upside. Of the 260 stocks I look at every day many stocks that have reversed through this indicator have gone on to much better things.
Over the past week or so the aggregated volume has increased, with the volume increasing each day over the past four trading days. I like it! More importantly, at last night's close there were 30 buyers up against only 10 sellers of the stock. That ratio of buyers to sellers - in this case 3/1 - is another reliable indicator of support and a possible SP rise. Generally I look for a ratio that applies to 80+ buyers, but I'm happy to read the ratio here based on the shape of the chart.
Yesterday, ITT closed at 1.4c, and hit a high of 1.5c. If it closes at 1.5c or greater (and I'm reasonably confident that it will very soon - if not today), that will represent a three month break-out. And topside breaks, as I'm sure we all know, contain the promise of higher SP levels. I am reluctant to make any kind of prediction about a future SP, but, based on present breakout levels, the next major one to think about is 2.5c to be followed by a price somewhere around 3.5c.
In general, re SP predictions, I have no idea where they're going to go. I play every share based on what the market throws up (sometimes making me throw up - less frequently, though, over the past 20 years as I exercise rigid stop-loss discipline).
Finally - bottom line - ITT (nickel stock) is in an uptrend right now.
