Let’s give a round of applause to @themidastouch for being this week’s Featured Trader!
@themidastouch has been a member of the Investagrams community since June 2020 and has been very active recently, he is always sharing his thoughts and his trades.
A few days ago, our featured trader posted his technical analysis on $ICT, a hot stock in the local market. $ICT has been on an uptrend and recently reached 52-wk highs at 236.6 ish!
As the stock is on an uptrend, @themidastouch predicted its support, resistance, and trendline on the chart that were bound for buy low, sell high play. @themidastouch felt that this was an opportunity to make a profit by considering technical indicators such as S&R.
TECHNICALS OF THE TRADE
Technically speaking, $ICT has proven to be a strong stock in the Philippine Stock market (A part of the PSEi). While others are falling, $ICT is showing strength as it continues to move upwards strongly. It came from a breakout at the 130 area before surging to 230 area onwards. There was also a retest in the 176 area as ICT recently reached a 52-wk high at 230 area. Furthermore, ICT will retest whether it will continue its trend or this could be a sign of reversal.
@themidastouch was confident that prices will further go up as he indicated in his chart the supports, resistances, and the trendline. He found a good entry for a buy low, sell high play while considering the technical indicators mentioned.
International Container Terminal Services, Inc. is a port management company. Historically operating the Manila International Container Terminal, ICTSI is now in the business of acquiring, developing, managing, and operating container ports and terminals worldwide. Thus, $ICT has been on an uptrend while the demand from traders and investors is strong enough to push the price upwards. It is still unknown whether $ICT will continue its trend or not. Thus, it is best to observe $ICT while considering the sentiment of the market, as well as the technical indicators and the financial statement.
WHAT SHOULD BE MY NEXT MOVE
As the stock recently reached a 52-wk high, it would be wiser to observe and wait for what $ICT might do next before riding in. It is still unsure whether $ICT will continue to rise, so it’s best to wait for a consolidation or a good entry near its support for a better risk-to-reward trade. In addition, it is best to have alternative stock picks that are more profitable and good to trade. Furthermore, it would be advisable to trade lightly and in tranches.
Once again, KUDOS to @themidastouch for being this week’s featured trader! Enjoy your 14-day InvestaPrime Access and continue to be an inspiration to the trading community.