ICON Public Limited Company, a contract research organization,
provides outsourced development services to the pharmaceutical,
biotechnology, and medical device industries in Ireland, rest of Europe,
the United States, and internationally. It develops, manages, and
analyzes programs that support various stages of the clinical
development process from compound selection to Phase I-IV clinical
studies. The company also offers clinical trials management, biometric
activities, consulting, imaging, contract staffing, informatics, and
laboratory services.
Take a look at the 1-year chart of ICON (NASDAQ: ICLR) below with my added notations:
ICLR has formed a clear resistance at $80 (red) over the last month,
and that $80 level has also been support prior. In addition, the stock
has been climbing a trend line of support (green) since the end of
August. These two levels combined have ICLR stuck within a common chart
pattern known as an ascending triangle. Eventually, the stock will have
to break one of those levels.
The Tale of the Tape: ICLR is trading within an
ascending triangle. A long trade could be made at the trendline support
or on a break above $80. A break below trendline would be an opportunity
to enter a short trade.
