ICON Could Have Formed Double Bottom

ICON seem to have found the support at $1.85 area, that previously has been rejected twice, back in the beginning of April. At this support a Doji candle was formed on a daily chart and at the same time RSI has formed a bullish divergence.

This could be the point of a trend reversal, at the very early stage. Obviously it is too early to speak of an uptrend at this point, but it could be important to watch further price development.

Break above the downtrend trendline could be the confirmation of the change in trend, and perhaps result in the price reaching a new all-time high. But at the same time, daily break and close below the recently established low at $1.77 might invalidate such a bullish outlook and result in further decline.



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