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


Disclaimer: Michael Gable is an Authorised Representative (No. 376892) and Fairmont Equities is a Corporate Authorised Representative (No. 444397) of Novus Capital Limited (AFS Licence No. 238168). The information contained in this report is general information only and is copy write to Fairmont Equities. Fairmont Equities reserves all intellectual property rights. This report should not be interpreted as one that provides personal financial or investment advice. Any examples presented are for illustration purposes only. Past performance is not a reliable indicator of future performance. No person, persons or organisation should invest monies or take action on the reliance of the material contained in this report, but instead should satisfy themselves independently (whether by expert advice or others) of the appropriateness of any such action. Fairmont Equities, it directors and/or officers accept no responsibility for the accuracy, completeness or timeliness of the information contained in the report.

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