ICLN trade ideas
Green energy portfolio: where it all startedAfter 9 yeas of consolidation $ICLN built a trading range with a series of higher lows and has recently broken out on monstrous volume. Institutional investment is written all over it. This ETF serves as my bias for starting a stock portfolio based on environmental sustainability. The shift to green energy is an undeniable trend that I'll eagerly follow, along with smart money flowing into it.
Two scenarios: parabolic (green line) and slow (blue line).
Price target based on P&F count: 28-30$. Most likely much higher.
ICLN - Neutral Using a combination of chart techniques such as the DC channel; FIB; ADX and MACD to determine the direction and support / resistance.
My humble view of ICLN is that it will retrace towards 10.62 range as the near support area. If we look at the ADX, though weakening, DI- is still relatively strong which reflects that bears are still in control. MACD is converging and I will not be surprise that in the coming days, there could a reversal towards the 0.786 Fib levels. Possible trades include shorting it by the Risk Reward returns might not be worth it. I will hold back. Thanks for your comments on advise.
ICLN Bounce from correction after +777% earning surprise. ICLN has been following S&P For the past year... yet after a fantastic Q1 surprise the stock has been retracing to it's 8.75 support level.. which has now bounced.
Earnings have consistently beaten the estimates.
Note the exact same pattern in November 2017..with the same support level and the same relation to S&P.
