Volume Climax| Key Levels| Need Bull Volume Follow through!

19 พ.ย. 2019

Hello Traders!,

Welcome back!

Today’s chart update will be on ICX, bulls have got very critical levels to break to maintain a bullish bias…

Points to consider,
- Price testing resistance
- Rejection from major trend line
- RSI coming into resistance
- EMA’s holding price as support
- Volume climax

ICX is trying to maintain a bullish projection but there is not enough follow through from the bulls. Price harshly got rejected from trend line resistance, signalling strong sell pressure, a return to local support line is more probable.

The stochastics is currently in the lower regions, can stay here for an extended period of time, however lots of stored momentum to the upside. RSI is coming into its apex, meaning a break is imminent, the direction of the break will dictate the direction of ICX.

The EMA’s are currently holding price as support, this must stay true for the bullish bias as price tests critical levels. The recent volume climax signals that there are a lot of sellers at upper trend line resistance.

Overall, in my opinion, ICX is more probable to return back to the local trend line as bull volume has not followed through. This will cool of all indicators such as the RSI before ICX has another attempt at breaking current resistance.

What are your thoughts on ICX, can it maintain a bullish bias?

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And remember,

“The desire for constant action irrespective of underlying conditions is responsible for many losses in Wall Street.” – Jesse Livermore