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Possible Bearish Inside Day Candle Pattern Detected for Intercontinental (NYSE:ICE)

By Shiri Gupta

SmarTrend's candlestick scanner has spotted a possible bearish inside day candle pattern in Intercontinental (NYSE:ICE) based on the price action in the company's shares. Yesterday's price range of $73.56 and $73.90 is within the prior day's high and low of the day. This trading action often signifies indecision by bulls and bears to drive prices higher or lower and often implies a possible change in trend. Owners of Intercontinental may want to consider a possible hedge in the event a pullback occurs. Look for confirmation in the next few trading days.

In the past 52 weeks, shares of Intercontinental have traded between a low of $67.70 and a high of $82.65 and closed yesterday at $73.89, which is 9% above that low price. Over the past week, the 200-day moving average (MA) has remained constant while the 50-day MA has remained constant.

Potential upside of 9.1% exists for Intercontinental, based on a current level of $73.89 and analysts' average consensus price target of $80.60. The stock should find initial resistance at its 50-day moving average (MA) of $75.09 and further resistance at its 200-day MA of $75.47.

Intercontinental Exchange, Inc. operates global commodity and financial products marketplaces. The Company operates electronic energy markets and soft commodity exchanges as well. ICE offers access to contracts based on crude oil and refined products, natural gas, power and emissions, as well as agricultural commodities including cocoa, coffee, cotton, orange juice, and sugar.

SmarTrend is monitoring the recent change of momentum in Intercontinental. Please refer to our Company Overview for the results of our proprietary technical indicators that have been scanning shares of Intercontinental in search of a potential trend change.

Keywords: bearish am inside day candle intercontinental

Ticker(s): ICE