Iluka breaking through $9

Iluka Resources (ILU) has continued its run ever since spiking higher on the back of a positive production report.

ILU is now back above $9 and just holding on to that level after finding support in the $8 region. While there is mild resistance in this region, the bulls currently have significant momentum with volume also picking up.

Last week’s high was $9.13 and that is where key near term resistance lies. A clear break of this $9.13 region could see the stock drift towards $10 which is where October highs were. We might then see further consolidation at those levels. 

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