ICE closes above its opening price after recovering from early selling pressure


Intercontinental Exchange (ICE) Technical Analysis Report for Aug 10, 2018 [1 min read]
Highlights
ICE closes above its opening price after recovering from early selling pressure
ICE pushes through 100-day moving average
ICE closes higher for the 2nd day in a row
ICE closes within previous day's range
ICE ends the day indecisive
TQ Sentiment
Report Sentiment: 44% Bullish
Technical Forecast:
Overview

Moving higher for the 2nd day in a row, ICE ended the week 0.63% higher at 73.27 after edging higher $0.04 (0.05%) today. Trading up to $0.48 lower after the open, the share managed to reverse during the session as bulls took control ending the day above its opening price. Closing within the prior day's range, prices failed to decisively move beyond the previous day's trading range. Ending the day with an indecisive close, neither buyers nor sellers were able to gain control during the session.

Daily chart for ICE
Volatility

Friday's trading range was $1.04 (1.43%), that's slightly below last trading month's daily average range of $1.06. Things look different on a weekly scale, where volatility is below the markets average with the monthly volatility being slightly above average.

Price Action

In a volatile session, prices traded above the prior day's high as well as below the previous day's low, forming a bullish Outside Bar. Despite a weak opening the market managed to close above the prior day's open and close, forming a bullish Engulfing Candle.

Support/Resistance

Prices are trading close to the key resistance level at 73.76.

Trend

Intercontinental shows weakness in the short-term (in accordance with its long-term downtrend) with only the medium-term trend being bullish. The stock managed to break above the 100-day moving average at 73.26 today for the first time since August 7th.

Order Flow

Buying could accelerate should prices move above the close-by swing high at 74.01 where further buy stops might get triggered. Trading close to June's low at 71.60 we could see further downside momentum if potential sell stops at the level get activated.

Conclusion

While classical technical analysis indicates a neutral sentiment for the next trading day, our quantitative statistics show a different picture being bearish.

Market Conditions for Intercontinental Exchange
Condition Forecast Direction Win Avg Worst Best Events
Bearish Outside Bar TQ Pro Members Only
Bearish Break through SMA 100 TQ Pro Members Only
Low close to previous two Lows TQ Pro Members Only
Low close to previous low TQ Pro Members Only
Close to Swing High TQ Pro Members Only
More market conditions identified for TQ Pro members...
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Latest Report:

ICE breaks below 100-day moving average

Aug 15, 2018
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