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

By Amy Schwartz

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 $80.33 and $80.33 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 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.

In the past 52 weeks, shares of Intercontinental have traded between a low of $69.33 and a high of $82.65 and are now at $80.33, which is 16% above that low price. In the last five trading sessions, the 50-day moving average (MA) has climbed 0.5% while the 200-day MA has remained constant.

There is potential upside of 0.3% for shares of Intercontinental based on a current price of $80.33 and an average consensus analyst price target of $80.60. The stock should discover initial support at its 50-day moving average (MA) of $77.09 and subsequent support at its 200-day MA of $76.16.

SmarTrend recommended that subscribers consider buying shares of Intercontinental on April 1st, 2019 as our proprietary SmarTrend analytics indicated a new Uptrend was in progress when shares hit $76.79. Since that recommendation, shares of Intercontinental have risen 5.2%. We continue to monitor ICE for any potential shift so investors can protect gains and will alert SmarTrend subscribers immediately.

Keywords: bearish inside day candle intercontinental

Ticker(s): ICE