ICE dominated by bulls lifting the market higher throughout the day
Intercontinental Exchange Inc. (ICE) Technical Analysis Report for Feb 14, 2020 | by Techniquant Editorial Team
ICE finished the week 4.57% higher at 96.86 after gaining $2.67 (2.83%) today, strongly outperforming the S&P 500 (0.18%) ahead of tomorrow's Presidents' Day market holiday. The bulls were in full control today, moving the market higher throughout the whole session. Closing above Thursday's high at 94.67, Intercontinental confirmed its breakout through the prior session high after trading up to $2.23 above it intraday.
Daily Candlestick Chart (ICE as at Feb 14, 2020):
Friday's trading range has been $2.45 (2.59%), that's slightly above the last trading month's daily average range of $2.20. Things look different on the weekly timeframe, where the market's trading range of the last week has been below the market's average weekly trading range. The longer-term, monthly volatility is currently notably higher than usual for ICE.
One bullish candlestick pattern matches today's price action, the White Candle.
The stock managed to close back above the 50-day moving average at 94.45. When this moving average was crossed above the last time on Monday, ICE actually lost -0.06% on the following trading day. Prices are trading close to the key technical resistance level at 97.45 (R1).
Though the market is currently in a short-term downtrend, this could just be a correction, as both the medium and long-term trends are still bullish.
Among the nine market conditions that our pattern recognition engine identified today, the statistics for the Support/Resistance based market condition "Price broke through Technical Resistance R1" stand out. Its common bullish interpretation has been confirmed for Intercontinental. Out of 309 times, ICE closed higher 53.40% of the time on the next trading day after the market condition occurred. The optimal exit for swing trading this condition on the long side has been after 10 trading days, showing a win rate of 58.58% with an average market move of 0.94%.