Yesterday, ICON’s share price rose 4 sen to RM1.82. On the daily chart, ICON has formed two consecutive days of white bullish candlesticks after the “Doji” candlestick on Tuesday. This indicates that the previous downtrend is starting to reverse, and the stock could rebound from the previous oversold zone. Looking closely, the 5-day SMA is ready to cross over the 10-day SMA and the MACD is also ready to stage a positive crossover to the Signal line very soon. Evidence has shown that now is good timing for investors to accumulate the share, as the share price is currently still trading below the IPO price of RM1.85. Traders who buy into the stock should target to take profit at RM2.00, while setting a protective stop-loss at RM1.73.

Source: Kenanga