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  1. Home
  2. / Investing

ICL Group Has the Right Chemistry for a Recovery Rally

Let's check the charts of this industrial name.
By BRUCE KAMICH
Nov 25, 2022 | 11:30 AM EST
Stocks quotes in this article: ICL

ICL Group ( ICL)  is in the business of making specialty chemicals for a number of industries. Let's look at two charts.   
 
In this daily bar chart of ICL, below, we can see that prices have been correcting lower since April. Prices made a low in September and slightly lower low in November. Prices are below the declining 50-day and the declining 200-day moving average line.
 
The On-Balance-Volume (OBV) line made a low in September and did not retest that low in November -- a bullish divergence. In the lower panel is the 12-day price momentum study. Momentum made a low in September with prices, but a higher lower in November when prices made a lower low. Another bullish divergence. 
 
 
In this weekly Japanese candlestick chart of ICL, below, we can see some subtle positives. Can you see a few lower shadows around $8? The weekly OBV line has turned up strongly and there is a bullish divergence from the 12-week momentum study. 
 
 
 
Bottom line strategy: Aggressive and nimble traders could go long ICL for a recovery or rebound rally. Risk a close below $8.
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TAGS: Technical Analysis | Chemicals | Investing | Industrial Goods

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