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

By Shiri Gupta

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 $93.62 and $94.37 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.

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.

Based on a current price of $94.43, Intercontinental is currently 14.6% above its average consensus analyst price target of $80.60. Intercontinental shares have support at the 50-day moving average (MA) of $92.81 and additional support at the 200-day MA of $88.59.

In the past 52 weeks, shares of Intercontinental have traded between a low of $71.20 and a high of $95.56 and closed yesterday at $94.43, which is 33% above that low price. The 200-day and 50-day moving averages have moved 0.47% higher and 0.17% 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