ICONIC (8/11/2020) on limited upsideICONIC theoretically has completed Wave 4 @ 0.4, and it should be making its way for Wave 5. However, it is currently on sideway, probably accumulating before making a move. It is currently on a minor downtrend channel with a strong support zone at 0.46-0.48. A strong resistance zone is at 0.625-0.645.
With Bollinger Band expanding and Stochastic oscillating up could means its riding up in the channel, and could make a limited upside at around 0.58 (EP 0.515, TP 0.58, SL 0.48, RRR 1:2)
Volume is okay, but need more to push higher, and banker chip is less than 25% - still more required to have a good show.
The stock has a light balance float (20% of 323M shares), relatively compared to PARLO (36% of 364M shares). This would increase the speed factor for price action. Source
Good sentiment and news could exponentially accelerates the stock further. It is reported that company is seeking approval from shareholders to venture into Glove and PPE manufacturing on 23-October-2020 Source
TAYOR guys !
Disclaimer: I’m a newbie trader practicing my understanding. Please help to feedback if you see any room for improvement. Thanks everyone.
