ICON (ICX) Is Making Another Attempt To Breakout The Channel Right Now
Major resistance and support levels:
On the weekly time frame chart, we have three major support and resistance levels. While moving towards the upside the price line faced strong resistance at $2.30 and after being rejected made another attempt and broke out this resistance. Then finally after finding very strong resistance at $3, the price action dropped down and also broke down the $2.30 support which was previously working as resistance and stopped at $0.60 support level . Is very strong support because previously it has been working as resistance several times. Now the price action is likely to take bounce from here.
If we take a look at the different indicators on the weekly time frame, then the stochastic is moving in the oversold for the past several weeks which is indicating that the price of ICX is quite oversold now. For the last three weeks, the moving average convergence divergence ( MACD ) indicator has started turning bullish which is signaling a big move in the long term.
Breaking out the channel:
Now if we switch to the 12-hour chart, then here the price action of Icon is moving in a down channel, and recently it has broken out the resistance of the channel and retesting the previous resistance of this pattern as support. If the priceline will be successful in re-testing this previous resistance as support then it can start a big rally from here, otherwise, ICX can re-enter in the same channel again.
Big bullish BAT move:
On the Weekly time period chart, the ICX has formed a bullish BAT. As per the Fibonacci sequence of harmonic BAT the buy and sell targets of this pattern can be as below:
Buy between: $0.9161 to $0.6255
Sell between: $1.60 to $2.64
The maximum extent of buying zone can be used as a stop-loss, which is $0.6255. As per the above targets, this trade has a big profit possibility of 320% and the big loss possibility is 30%.
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