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by Seth Parker on July 20th, 2018

Icon Analysis – ICX tango down

Vechain form the previous analysis is not the only big loser today. Second one is the ICON, which is now down around 7%. Here, the move is also very technical and certainly technical analysts expected that long time ago. But the sell signal was not that obvious in May. It became clear only after the price broke the 4 USD. Before that, we had bigger chances for an upswing:

“Taking all that into the consideration, we do have a buy signal. This will be on as long as we stay above the 4USD. Comeback below that level will trigger the sell signal but is currently less likely to happen. „

icon chart

Yes, the sell signal was triggered few days after those words were written. You just need to know where to have the stop loss order. After going below the 4 USD mark, the price continued to decline, creating three trend continuation patterns: wedge, pennant and a flag. All of them, resulted with a further drop.

Most lately, the price bounced from the resistance around the 1.8 USD (grey) and that bounce is a trigger to go short. Comeback above this level will be an invitation to buy.

By Seth Parker

Seth is a professional trader with over 10 years of experience. He specializes in the technical analysis. His main focus is on the pure Price Action. In his trading, Seth used the trends, supports and resistances and technical formations. Always, the most important thing in his strategy is the money management. Seth reached a proficiency in trading and for the past three years is doing that for a living enjoying the sun and lovely beaches of the Spanish coast.

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