ICT Target Hit
Well our supposedly fast play on International Container Terminals, Inc. (ICT) got delayed to about three weeks. Still, we would not complain too much as we managed to still win make good money on the very easy set-up. Anyway, we indicated in our Equity Advisor last April 17 that ICT could bounce from its Php90.00 support back to its former high at around Php95.00 as it formed a bullish spinning top candle at that time. Indeed, it hovered above that support for several days before it slowly moved up to our short term of Php95.00. 🙂
ICT write-up from the Trading Edge Equity Advisor:
April 17, 2013
Here’s a quick trade idea on International Container Terminals, Inc. (ICT). After reaching a high of just above Php95.00, ICT fell back down to Php90.00. If you notice, the Php90.00 level coincides with its previous resistance and its uptrend line. This makes the support at Php90.00 more durable in our view. Today’s price action also drew a spinning top candlestick pattern which if found at the bottom of a downtrend may indicate a possible rally soon. Moreover, a presence of a hidden bullish divergence, when the prices makes higher lows and the RSI marks lower lows, suggests a likely rebound in the near term. Given all of these, ICT may bounce back and reach for its previous high at around Php95.00. However, a fall below Php90.00 may send it back down to Php85.00.
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