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.
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.
Comment:
Indeed, it retraced to 10.62 and as of last trading day - 11/11 - price bounced off 10.62. I am now neutral to positive, hoping to see more positive signals coming out from MACD and DI+.