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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. Today's price range of $80.29 and $80.29 is within yesterday'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.

Intercontinental (NYSE:ICE) has potential upside of 0.4% based on a current price of $80.29 and analysts' consensus price target of $80.60. The stock should find initial support at its 50-day moving average (MA) of $75.85 and further support at its 200-day MA of $75.83.

In the past 52 weeks, Intercontinental share prices have been bracketed by a low of $67.70 and a high of $82.65 and are now at $80.29, 19% above that low price. Over the last five market days, the 200-day moving average (MA) has remained constant while the 50-day MA has advanced 0.2%.

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 tracking the current trend status for Intercontinental and will alert subscribers who have ICE in their portfolio or watchlist when shares have changed trend direction.

Keywords: bearish inside day candle intercontinental

Ticker(s): ICE