Welcome to this quick TA on ICX.
As you can see a wedge pattern has formed while price coils in towards converging Moving Averages. We can also observe price has broken above the all three MAs, returning back to the mean. The other key pattern printed is an impending GOLDEN CROSS formation, where the 50MA is testing the 200MA.
Three critical points to look out for:
REJECTION - from the overhead resistance
CONSOLIDATION - returning back to the mean, holding its support
CONFIRMATION - breakout from the overhead resistance
Good volume is observe, and maintained, signalling attention and accumulation.
Risk reward ratio is extremely favourable given that we are so low compared to previous highs, its a no-brainer. The major overhead resistance we may see would be the 50MA on the daily charts.
My planned exits would be 545 sats and 623 sats respectively, and maybe leave some for the ride. Stop loss for when it falls outside the wedge :)
Happy trading
As you can see a wedge pattern has formed while price coils in towards converging Moving Averages. We can also observe price has broken above the all three MAs, returning back to the mean. The other key pattern printed is an impending GOLDEN CROSS formation, where the 50MA is testing the 200MA.
Three critical points to look out for:
REJECTION - from the overhead resistance
CONSOLIDATION - returning back to the mean, holding its support
CONFIRMATION - breakout from the overhead resistance
Good volume is observe, and maintained, signalling attention and accumulation.
Risk reward ratio is extremely favourable given that we are so low compared to previous highs, its a no-brainer. The major overhead resistance we may see would be the 50MA on the daily charts.
My planned exits would be 545 sats and 623 sats respectively, and maybe leave some for the ride. Stop loss for when it falls outside the wedge :)
Happy trading
