Stock Chart Analysis ICE
IntercontinentalExchange, Inc. (Public, NYSE:ICE)
Speaking of head and shoulder (see post below), ICE seems like it may be rolling over here. I'm not sure if it's going to break as most of the time these patterns end up being consolidations instead of tops, but it definitely set a lower high here and should at least retest the $140 area. That could be a quick 7 points for nimble traders, and it's possibly a nice entry if it does break down. A word of caution may be in order for shorts though, as volume is not picking up on the right shoulder. Thats usually the case for successful H&S tops.
Good Trading,
Joey
for more analysis, check out downtowntrader.com
Subscribe to:
Post Comments (Atom)
Bulltrader.com posted a similiar article about ICE. You said the weakness in volume on the last shoulder could mean that it will most likely break through the support and head lower?
--Doug
www.tomorrowsnewspaper.blogspot.com
Doug,
What I meant was that volume should pick up a bit in the left shoulder if it was a top. It's hasn't happened here which suggests that this may not follow through with the breakdown. The thought was that it would drop to the neckline (which it did today) and then it may follow through after that. I wouldn't be buying here now, thats for sure. I would want to see it stop and turn higher first.
Joey
How low can ICE go now? Right now it has bounced back from $120 low to $132.51. Is the worst over yet?
Is ICE affected fundamentaly from the current credit squeez in any way or is all this volatility good for ICE's bottomline?
--Vivek