ICE pushes through Thursday's high
Intercontinental Exchange Inc. (ICE) Technical Analysis Report for Jan 11, 2019 | by Techniquant Editorial Team
Moving higher for the 3rd day in a row, ICE ended the week -3.4% lower at 73.10 after gaining $0.32 (0.44%) today on low volume, slightly outperforming the S&P 500 (-0.01%). Closing above Thursday's high at 72.98, the share confirmed its breakout through the prior session high after trading up to $0.20 above it intraday.
Daily Candlestick Chart (ICE as at Jan 11, 2019):
Friday's trading range has been $1.01 (1.39%), that's far below the last trading month's daily average range of $1.75. Weekly volatility is also lower, being below the market's average weekly trading range. The longer-term, monthly volatility is currently lower than usual for ICE.
Three candlestick patterns are matching today's price action, the Bullish Short Candle and the White Candle which are both known as bullish patterns and one bearish pattern, the Bearish Hikkake Pattern. The last time a Bearish Hikkake Pattern showed up on November 7, 2018, ICE actually gained 1.78% on the following trading day.
Prices are trading close to the key technical support level at 72.60 (S1). Intercontinental found buyers again today around 72.17 for the third trading day in a row after having found demand at 72.08 in the previous session and at 71.93 two days ago.
The market shows weakness in the short-term (in accordance with its long-term downtrend) with only the medium-term trend still being bullish.
Among the 11 market conditions that our pattern recognition engine identified today, the statistics for the OHLC Patterns based market condition "Bearish Hikkake Pattern" stand out. Its common bearish interpretation has been confirmed for Intercontinental. Out of 121 times, ICE closed lower 53.72% of the time on the next trading day after the market condition occurred.