Found support on the local Fibonacci Golden pocket.
Moved above the POC.
Closed above the 8EMA.
Volume increased as did the volume in many stocks within this sector.
Potential day trade / keep 21ema in mind.
Green energy ETFs have skyrocketed during the whole 2020, they have all retraced back heavily due to massive take profits.
Do you really think after all the trillions put in the green economy and decarbonisation by US, EU and China is going down?!
Reversal incoming, great long term opportunity, start to accumulate now, DCA for all the year.
ICLN had a major rebalancing, for the better or worse. I'm very happy with the removal of PLUG.
On the daily time frame, 200 SMA is acting as strong support. 4Hr shows the 50 SMA is resistance. The hype has died down very well. Looking at 2023 leaps and beyond.
F for all those who bought at the top with high IV. Your sacrifices will be in vain.
ICLN has created the three drives down pattern to the proper fib levels and is primed for a reversal to the upside. This would break the short term down trend and return back to the long term uptrend. Near 100%+ retrace of the last drive is common in such a set-up.
Last time on a Biden clean energy play...
I drew with my crayons. Hit my trendline target after having IV contract and volume die down. The only problem from here would be if ICLN continued to sell off. I kinda wanna save my money for other leaps, but clean energy at this discount is hard to pass up. Most of the high options volume I saw have been offloaded, but...
Based on wave count, momentum and fib price and time extensions, I'm thinking we can expect NASDAQ:ICLN to go down over the short term. Possibly to $28.66.
But... I have a hard time making this call because the uptrend seems so strong.
What do YOU think?
Once in a while, you may also be able to use unusual options activity along with volume. I saw that ICLN had 10k OI on strikes above $30c. It's possible to say that some big money is pumping ICLN with the delta hedge (along with other clean energy stocks with their stupid price targets). At the same time, ICLN started making its rounds at other finance subs like...