Utilizing Multi-Timeframe Analysis for strong entry (ICLR)

Its been a challenging market. During corrections I like to look for stocks that are holding up better than the market averages. ICLR fits this description. Due to the challenging conditions, risk management is our primary focus with any new trade entry. We will keep stops tight early on to see how this behaves over the near term. Should we see a quick rollover from our entry we will step aside quickly. However should things stabilize we will be positioned in one of the strongest stocks in the market.

Stops will be placed below Tuesday's low at 75.67.
 

ICLR (weekly)

A strong uptrending stock, pulling back to retest its prior range resistance level and rising 20 WMA. Despite the pullback in the stock, RS vs $SPY is making new highs; the sign of a leading stock.

(daily)

Price has responded by rallying strongly off new box support and the rising 50 DMA. Bouncing at the 50 Day shows institutional support for the stock.

(30 min bars)

The intra-day trend has been lower since early August. However the last 3 days have been constructive showing two consecutive higher lows and today closing at a higher high.