ICE closes above its opening price after recovering from early selling pressure
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.
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.
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.
Prices are trading close to the key resistance level at 73.76.
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.
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.
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
|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|
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