I am watching ICQ. Getting ready to rally? | Michael Gable | Finance News Network

I am watching ICQ. Getting ready to rally?

by Michael Gable

We last looked at ICQ on 24 June and noted that it had broken the previous continuation pattern and was on course to rally to new highs. It then proceeded to rally nearly 20% in 7 days. The stock has pulled back to similar levels again and you will notice that recent price action is similar to that during March – May. That is, it appears to be correcting back against the longer term up trend. Traders can therefore look for a break of that down trend line to indicate an entry point. If that were to occur, then once again we would expect the stock to rally to a new high, representing a near 20% gain for short term traders. I am therefore keeping this one on my client watchlist for the time being.


Chart courtesy of AmiBroker

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