IEP Icahn stock along major trendline
IEP, investor guru Carl Icahn's stock company Icahn Capital Management LP is currently riding along a major trendline which goes all the way to it's highest peak. This trendline has some strength to it, and after a previous breakout from a previous trendline along a similar angle, the stock is looking to move higher. There is also a line of support beneath this level, where the stock has bounced from. There's additionally a volume increase, but I would like to mention much of this volume comes from Carl Icahn himself. When it comes to Fibonacci retracement levels, the price is currently consolidating around the 78.6% level from the previous major bottom to top movement. This certainly indicates that there is weakness, and less of a chance for the price to fully recover, but that may be for the better in the medium to short term. There is a nearby resistance from previous sideways movement, however there is still room to trade within the next week likely for a 2:1 R/R trade. However, there has been some skeptical views of the market recently, so although there is room for the stock to move higher, it is not certain considering the global sentiment right now. A stock such as IEP from an investing company may not be what buyers are looking to purchase considering the mood of the market. Despite the sentiment, price action tends to be the evidence required for any move up or down.
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