ICE dominated by bulls lifting the market higher throughout the day
Intercontinental Exchange Inc. (ICE) Technical Analysis Report for Mar 26, 2020 | by Techniquant Editorial Team
Moving higher for the 3rd day in a row, ICE ended Thursday at 79.82 gaining $5.30 (7.11%) on low volume, outperforming the S&P 500 (6.24%). The bulls were in full control today, moving the market higher throughout the whole session. Closing above Wednesday's high at 77.54, the market confirmed its breakout through the prior session high after trading up to $3.16 above it intraday.
Daily Candlestick Chart (ICE as at Mar 26, 2020):
Thursday's trading range has been $5.29 (7.01%), that's slightly below the last trading month's daily average range of $5.62. Things look different on the weekly timeframe, where the market's trading range of the last week has been above 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 last time a White Candle showed up on Tuesday, ICE gained 1.17% on the following trading day.
Prices are trading close to the key technical support level at 74.94 (S1).
Though Intercontinental is experiencing a short-term uptrend, this might just be a correction, as both the medium and long-term trends are still bearish.
Among the seven market conditions that our pattern recognition engine identified today, the statistics for the OHLC Patterns based market condition "White Candle" stand out. Its common bullish interpretation has been confirmed for Intercontinental. Out of 577 times, ICE closed higher 50.09% 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 55.11% with an average market move of 0.54%.