ICT Technical Analysis: What Will Make It Technically Buy-able?

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ICT Technical Analysis: What Will Make It Technically Buy-able?

Int’l Container Terminal Services, Inc. (ICT) closed at 116.40 apiece, down by 3 percent, as of recess of October 2, 2019. The total turnover value is at P76.9 million.

Foreign investors were the main movers of ICT in the first half of trading on Wednesday. The Net Foreign Selling is at P33.8 million. Foreign investors are still net buyers year-to-date due to the relatively huge Net Foreign Buying amounts they registered in February and March this year.

Int'l Container Terminal Services - Daily Chart 1 - 10.2.2019

My 10SMACD combo is invalid since the last price is already trading below the 10SMA and the MACD is already traversing the path below the signal line.

My Momentum Power Indicator is already bearish on ICT. If the status of my Momentum Power Indicator won’t change, the downtrend will be more likely to continue.

The risk level of ICT remains low based on its current historical volatility score but that’s not a buy signal.

The -DMI is also increasing its distance from the +DMI. If this gap will grow, it’ll be more likely for ICT to retest the support at 103.35. The immediate resistance is at 120.20.

Trade-Volume Distribution

Last Price: 116.40
VWAP: 117.0197506
Most Traded: 117.3 – 116.5
Most Voluminous: 116.6 – 116.5

Int'l Container Terminal Services - Trade-Volume Distribution 1 - 10.2.2019

The dominant range is closer to the intraday low than the intraday high. The last price is lower than the VWAP. This means the downtrend is, indeed, more likely to continue.

True Market Sentiment

True Market Sentiment of ICT as of Oct-02-2019 at 12:00PM, with a last price of 116.400.
4 of the top 10 brokers registered a positive Net Amount
4 of the top 10 brokers registered a higher Buying Average than Selling Average
True Market Sentiment: BEARISH
Top 10 Players’ Buying Average: 117.3252
Top 10 Players’ Selling Average: 116.9463
Bonus Info:
22 out of 46 participants or 47.83% of all participants registered a 100% BUYING activity
4 out of 46 participants or 8.70% of all participants registered a 100% SELLING activity

Int'l Container Terminal Services - True Market Sentiment 1 - 10.2.2019

I use my True Market Sentiment as my source of “second opinion”. This means the mood of the top 10 brokers agrees with the bearish Momentum Power Indicator. There’s no appetite to buy the dips by a significant level yet.

Recommendations

If you have ICT…

If you have ICT because your trailing stop has not been hit yet, I strongly suggest that you recalculate your trailing stop with a reduced percentage of risk. Sell if you must. Do not translate this situation as an opportunity to average down. There’s nothing worthy to be averaged down on ICT at this moment.

If you don’t have ICT…

If you don’t have ICT but you’re planning to enter a new position, I recommend that you postpone that plan until the 10SMACD combo becomes valid and the Momentum Power Indicator becomes bullish.

If you’re a subscriber of Equilyst Analytics, you can ask for our latest analysis and recommendation for ICT in our Private Clients Forum any time you want.

Jaycee De Guzman

Jaycee Silverio de Guzman is a computer scientist by profession. He is the founder and CEO of iPresence Digital Marketing, Inc. and Equilyst Analytics, Inc. He is a husband and a father.
Jaycee De Guzman

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