Tuesday, March 31, 2015

Iconix Brand Group Inc (NASDAQ: ICON)

Iconix Brand Group, Inc., a brand management company, owns, licenses, and markets a portfolio of consumer brands across women’s, men’s, entertainment, and home primarily in the United States and internationally. The company brand portfolio includes Candie’s, Bongo, Badgley Mischka, Joe Boxer, Rampage, Mudd, London Fog, Mossimo, Ocean Pacific, Danskin, Rocawear, Cannon, Royal Velvet, Fieldcrest, Charisma, Starter, Waverly, Ecko Unltd, Marc Ecko Cut & Sew, Zoo York, Sharper Image, Umbro, and Lee Cooper brand names. It also has interest in Artful Dodger, Material Girl, Peanuts, Ed Hardy, Truth or Dare, Billionaire Boys Club, Ice Cream, Modern Amusement, Buffalo, Nick Graham, Hydraulic, and Strawberry Shortcake brands. Iconix Brand Group, Inc. licenses its brands directly to retailers and wholesalers for use across a range of product categories.
Take a look at the 1-year chart of Iconix (Nasdaq: ICON) below with added notations:
1-year chart of Iconix (Nasdaq: ICON)
ICON has been trading sideways over the last 3 months. During the sideways move the stock has formed a common pattern known as a rectangle. A minimum of (2) successful tests of the support and (2) successful tests of the resistance will give you the pattern.
ICON’s rectangle pattern has formed a resistance at $36 (red), which was also support back in October, and a $33 support (green). At some point the stock will have to break one of the two levels.

The Tale of the Tape: ICON is trading within a rectangle pattern. The possible long positions on the stock would be either on a pullback to $33 or on a breakout above $36. The ideal short opportunity would be on a break below $33.
Please share this article

No comments:

Post a Comment