ICON Offshore Berhad (ICON)
Trend: The stock is in a long-term uptrend since June 2023, with higher highs and higher lows.
Price Action: Currently trading at 1.09 MYR, down 7.63% on the day shown.
Moving Averages: The price is above both the short-term (likely 50-day) and long-term (likely 200-day) moving averages, indicating bullish momentum.
Support and Resistance:
Key resistance level around 1.20 MYR
Support levels at approximately 1.00 MYR and 0.90 MYR
Volume: Spikes in volume are visible at key price movements, particularly during rallies.
Volatility: The stock has shown increased volatility since April 2024, with wider price swings.
Bollinger Bands: The price has recently touched the upper Bollinger Band, suggesting it might be overbought in the short term.
Recent Performance: Despite the current day's drop, the stock has shown strong performance over the past few months.
Potential Patterns: There might be a small double top forming at the 1.20 MYR level, which could indicate a potential reversal if confirmed.
Overall, the stock shows a bullish long-term trend but may be experiencing short-term resistance and potential consolidation. Traders should watch for a potential breakout above 1.20 MYR or a deeper pullback to support levels.
ICON trade ideas
ICON - P Wave PatternThe chart shows a P wave pattern, and the price is almost reaching the P wave target (E) but rebounded at the 0.735 level. The price needs to breakout the turning point (D) to continue rising and to reach the Fibonacci levels as targeted price. Candlestick is above the "Kumo" but the death cross might occur if price continue downward.
ICON target LONGThis is my second view for this counter. As we can see price start downtrend after failed to break 0.155 . There are two area that is possible for buying opportunities either within zone FL or base below it . Wait for price action reversal form at highest time frame before enter market.
Nak Pergi mana ICON?Case study ICON on EW.
Current, short term distribution based on pnf chart sbb collect dekat bwh tu kejap je but if berjaya maintain atas 0.110, dia akan buat fasa re-accumulation (0.110 - 0.150), main ranging, indi stoch.
if break 0.110,
next pit stop;
1. 0.105
2. 0.095
3. 0.075 (aku bias dekat sini sbb ada gap tak close)
education purpose.
