ICT Technical Analysis: Is There a Confirmed Buy Signal?

Int’l Container Terminal Services Technical Analysis

Int’l Container Terminal Services, Inc. (ICT) registered another engulfing candlestick today as it breached the previous resistance at ₱135.60, making it the present immediate support. The latest immediate resistance is now pegged at ₱148.00.

ICT surged by 4.28 percent as of closing on May 10, 2021 with a total turnover value of ₱456 million.
Thanks to the foreign investors for being the main drivers of ICT’s trades today. The foreign investors registered a net foreign buying worth nearly ₱94 million. On the other hand, the foreign investors are still net sellers on ICT year-to-date.

This stock still has a low erraticity level due to its 10-day historical volatility score of nearly 40 percent.

If you’re going to look at ICT’s chart from March 2020 onwards, you’ll see that its trend is still northbound.

There are two questions I’d like to answer in this analysis.

1. Is it logical for you to top up on ICT if you already have it in your portfolio based on today’s data?
2. Is it wise for you to enter a new position if you don’t have it yet?

I’ll tell you the status of the six parameters of my Evergreen Strategy 2.0 when looking for a confirmed buy signal to answer those two questions. All six parameters must gain a bullish rating to have a confirmed buy signal. If you’re one of our clients at Equilyst Analytics, you can print that flowchart in the course manual.

Firstly, ICT’s last price is moving above its 10-day simple moving average (SMA), which is bullish.

Secondly, its Moving Average Convergence Divergence (MACD) is moving above the signal line, which is bullish, too.

Thirdly, the last price of ₱141.20 is higher than ICT’s volume-weighted average price (VWAP) of ₱140.3642, which is bullish again.

Fourthly, the last volume bar is higher than 50 percent of ICT’s 10-day volume average. It’s even higher than the 100 percent of ICT’s 10-day volume average. Again, that’s in favor of the bulls.

Fifthly, the Dominant Range Index (DRI) of ICT is bullish.

Unfortunately, ICT’s Market Sentiment Index for today is bearish, which is a fair warning for those who are usually more emotional than logical when making an investment decision.

In short, ICT has no confirmed buy signal, especially for those who are yet to enter a new position.

Dominant Range Index

Dominant Range Index: Bullish
Last Price: ₱141.20
Intraday Low:
₱135.6000
Intraday High:
₱142.0000
VWAP: ₱140.3642
Dominant Range: ₱141.00 – ₱141.40

Market Sentiment Index

Market Sentiment Index: BEARISH
15 of the 48 participating brokers, or 31.25% of all participants, registered a positive Net Amount
14 of the 48 participating brokers, or 29.17% of all participants, registered a higher Buying Average than Selling Average
48 Participating Brokers’ Buying Average: ₱140.11554
48 Participating Brokers’ Selling Average: ₱140.04169
4 out of 48 participants, or 8.33% of all participants, registered a 100% BUYING activity
18 out of 48 participants, or 37.50% of all participants, registered a 100% SELLING activity

Synthesis

If you already have a position on ICT:

Assuming your trailing stop is still intact, you may hold your position but do not top up yet. The stock has just breached the previous resistance. Today’s bearish Market Sentiment Index is poised for potential profit-taking soon. It’s best to wait for a confirmation before you top up. There’s no need to reduce the percentage of risk of your trailing stop, however. The Dominant Range Index remains bullish. Please refer to the flowchart on how to sell more logically and less emotionally in the course manual of the Evergreen Strategy in Trading and Investing in the Philippine Stock Market 2.0.

If you don’t have ICT yet, but you’re planning to buy it:

Control yourself. There’s no confirmed buy signal for ICT as of today’s data. I suggest that you remain in a wait-and-see mode. That doesn’t mean you should not do anything, though. You still have to monitor ICT’s overall rating if you’re interested in trading this name. As trading happens tomorrow, you may ask for ICT’s latest Dominant Range Index and Market Sentiment Index in our online discussion board. Please make sure that you’ve already finished studying the course manual of the Evergreen Strategy in Trading and Investing in the Philippine Stock Market 2.0.

Once a confirmed buy signal is issued by the Evergreen Strategy 2.0, remember that you still have to calculate your reward-to-risk ratio. Therefore, you should not force to buy ICT, even if there’s a confirmed buy signal if you’re not satisfied with your reward-to-risk ratio.

Again, all of these pieces of advice are documented in the course manual of the Evergreen Strategy in Trading and Investing in the Philippine Stock Market 2.0.

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Jaycee De Guzman

Founder and CEO at Equilyst Analytics

Experience the expertise of Jaycee De Guzman, the brain of Equilyst Analytics, renowned for his unique data analysis. He is a computer scientist and a self-taught digital marketing strategist and agriculturist. Since Equilyst Analytics’ founding in 2012, over 10,000 local and foreign clients have consulted with Jaycee de Guzman on crypto and stock investments.

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