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

By Amy Schwartz

SmarTrend's candlestick scanner has spotted a possible bullish inside day candle pattern in Intercontinental (NYSE:ICE) based on the price action in the company's shares. Yesterday's price range of $89.38 and $90.45 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. Traders and investors interested in shares of Intercontinental may want to consider an appropriate entry level in the event a reversal to the upside transpires. It is important to look for confirmation.

Based on a current price of $90.30, Intercontinental is currently 10.7% above its average consensus analyst price target of $80.60. The stock should find resistance at its 50-day moving average (MA) of $90.78, as well as support at its 200-day MA of $81.28.

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.

Intercontinental share prices have moved between a 52-week high of $95.55 and a 52-week low of $69.69 and closed yesterday at 30% above that low price at $90.30 per share. The 200-day and 50-day moving averages have moved 0.36% higher and 0.74% higher over the past week, respectively.

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: bullish am inside day candle intercontinental

Ticker(s): ICE