Iconix Brand Group (ICON, $30.60, up $0.20) was actually a subscribers choice that we analyzed earlier today and here are the parameters.
I like ICON on the buy side as long as price continues to hold above this Fibonacci price cluster zone identified earlier today at the $29.51 – $29.89 area. This zone include multiple price relationships. It included price extensions, price retracements AND what I like to call symmetry projections AKA measured moves. If this key support holds, the initial upside target comes in at $33.63 and target 2 comes in at $34.64.
I consider myself “wrong” on the trade if this price cluster zone is violated by a decent margin. In other words, if broken by a nickel….it’s probably still ok! This is a thinly traded option stock.