Iconic Brands Inc (OTCMKTS: ICNB) Continues To Hold On To Its Gains

The upward trend that Iconic Brands Inc (OTCMKTS:ICNB) stock has been on since December 15, 2016 seems to have some “Legs” behind it. Since the trend started at about $.0004, it’s made three new local highs followed by immediate retracements.The first price spike went to a high of $.0195 on January 4, 2017 on relatively strong volume. ICNB then retraced to $.0082, more than likely as a result of profit taking traders. The retracement however gave back less than 50 percent of the gains made, and did so as volume diminished significantly. A second price spike immediately followed, setting a new local high of $.0320 with price action exhibiting the same pattern, but with noticeably less volume altogether. The third price spike to a high of $.0339 on February 13, 2007 indicated even less volume. The final retracement went as low as $.0120, and is now holding steady at $.0174.This repeating pattern, new highs on less volume, is indicative of more “investors” taking a long position and staying in for the long run, as opposed to “traders” getting out and taking short term profits. If we see another new local high by ICNB, this could confirm a long term uptrend as a result of recent positive news about the company.

To begin with, a little background on the company for those that don’t know about it. Iconic Brands Inc is a beverage company with the highest expertise of developing, from inception to completion, alcoholic beverages for itself and third parties. Iconic Brands markets and places products into national distribution through long standing industry relationships. Iconic is also a leader in “Celebrity Branding” of beverages, procuring superior and unique products from around the world and branding its products with internationally recognized celebrities.The demand for the company’s Bellissima line of Prosecco wine continues to grow. Key markets in Ohio, Oklahoma, Kentucky and all four jurisdictions of Tennessee all have placed their first orders. Iconic Brands has made a strategic decision to enter into an agreement with The Henry Wine Group, a division of Winebow, to handle its distribution in California, as opposed to the previously announced and anticipated distribution deal with Youngs. The Company has also been gearing up for a push into the Hamptons. This year it is expected that Bellissima will be the Talk of the Town, and the company is excited for the "Hampton Set" to discover and enjoy Bellissima.

Mr. Richard DeCicco, CEO, stated, "We've been working around the clock to build the company's brand portfolio. My enthusiasm remains at an all-time high as we continue to grow. I will look to bolster infrastructure and begin the building of our sales team; the progression of a start up to a national brand is well under way. I'm also now looking diligently towards the international markets as inquiries increase daily."

Fourth quarter financials for 2016 are yet to be reported. According to the company’s latest press release, their financial reports will be released in mid-April 2017. Also, the company has interviewed several auditing firms and will be engaging a firm to do a complete audit to regain full reporting status. The audit is expected to be completed in late Q2, early Q3.Additionally, the company is in the final stage of settling with its debt holders. The arrangement previously announced in December of 2016, has not been executed, as the company is continuing to negotiate terms in the best interest of the company, and for the success of their brands. Current market capitalization stands at $14.18 million, on 814.80 million shares outstanding as of April 4, 2017. We will be updating our subscribers as soon as we know more. For the latest updates on ICNB, sign up below!Disclosure: We have no position in ICNB and have not been compensated for this article.