The ICA group has during the week been up and tested the resistance around 322kr for the fourth time… which resulted in the formation of a shooting-star vändningscandlestick, which opens up for a rekylfas.
The ICA group’s upward trend accelerated in late 2014, which meant that the share was short-term overbought when the distance against the jämviktsvärdet, MA 40 weeks, ended up at a stretched level, with a note on the + 26 % above. Usually, this leads to a trend adjustment in the form of a sidåtgående movement alternatively a rekylfas to adjust the underlying sentiment.
The share has ago 2015 shown this sentimentjustering which is a natural development that provides good conditions for the start of a new uppgångsfas. On the upper side of the tested share for the fourth time, the resistance at 322kr which resulted in the formation of a ”shooting star” vändningscandlestick which indicates that the stock is not really ready for an outbreak. The sequence of rising bottoms and the long kraftansamlingsfasen which formed a huvudskuldra similar bottenformation means that we have a positive attitude, despite last week’s decline.
The nearest support is around the psychological 300kr level which represents a köpläge before a supposed future outbreaks on the upper side. Would share, however, show weakness by breaking the sequence of rising bottoms (d).v.p. drop in 288kr is support at 280kr, is forced also, this opens it up for further testing of the intervallbotten at 244kr.
In a positive scenario, close the share above the 322kr on a weekly basis which triggers a buy signal with a prisobjektiv on 400sek.
The share traded above the long-term rising MA 4 0veckor.
The ICA Group
Entrance buy
300kr
Ticker
ICA
Målkurs
375kr
Market
The OMXS Large Cap
Emergency exit
286kr
P/E
16.7
Latest
316.20 £
Direct avk.
3.3%
The stock is traded on the stockholm stock exchange, under the symbol ICA.
