ITCB: Breakout & Confirmation After Recent Volume Spike
ITCB was a juicy stock for day-traders just two days ago, with a huge gap-up leading to a large spike in volume from speculative momentum-based day-traders entering the market for this stock. After this, price retraced partially but showed signs of a falling wedge forming which ended up causing a break-out with confirmation by bouncing off of a recent level of support.
We will presumably see another spike in volume coming in as many day-traders will be watching this stock for another big move and surely the clear technical pattern playing out here won't go by unnoticed. Aggressive profit targets would be at the recent highs the day-traders were able to establish, after which we can scale down and look to buy a dip if there's ground left to gain.
The main reason this is a good buy is because there's a lot of unchartered territory ahead for the stock to overcome, while there's a very recent level of support that has just been tested successfully. Low risk, high reward, good probability of success.
Thanks for reading, and have a nice trading day!
We will presumably see another spike in volume coming in as many day-traders will be watching this stock for another big move and surely the clear technical pattern playing out here won't go by unnoticed. Aggressive profit targets would be at the recent highs the day-traders were able to establish, after which we can scale down and look to buy a dip if there's ground left to gain.
The main reason this is a good buy is because there's a lot of unchartered territory ahead for the stock to overcome, while there's a very recent level of support that has just been tested successfully. Low risk, high reward, good probability of success.
Thanks for reading, and have a nice trading day!
Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.