ICON Offshore Berhad (ICON)
Trend: The stock is in a long-term uptrend since June 2023, with higher highs and higher lows.
Price Action: Currently trading at 1.09 MYR, down 7.63% on the day shown.
Moving Averages: The price is above both the short-term (likely 50-day) and long-term (likely 200-day) moving averages, indicating bullish momentum.
Support and Resistance:
Key resistance level around 1.20 MYR
Support levels at approximately 1.00 MYR and 0.90 MYR
Volume: Spikes in volume are visible at key price movements, particularly during rallies.
Volatility: The stock has shown increased volatility since April 2024, with wider price swings.
Bollinger Bands: The price has recently touched the upper Bollinger Band, suggesting it might be overbought in the short term.
Recent Performance: Despite the current day's drop, the stock has shown strong performance over the past few months.
Potential Patterns: There might be a small double top forming at the 1.20 MYR level, which could indicate a potential reversal if confirmed.
Overall, the stock shows a bullish long-term trend but may be experiencing short-term resistance and potential consolidation. Traders should watch for a potential breakout above 1.20 MYR or a deeper pullback to support levels.
