Internationl Exchane (ICE) is going somewhere…..!
April 12, 2008 by addtrader
As you can see from the chart below, Intercontinental Exchange (ICE), broke out recently, and has formed a very narrow range on a closing basis. This is one of the most volatile stocks out there, due to it’s low float (and I suspect the fact that many true “traders”, trade this stock). It has no history of staying in tight ranges like this for very long, and as you all know, range consolidation, as well as volume dry up, usually leads to an explosive move one way or the other. My gut says “up”. I think if not for the huge down day in the overall market on Friday, it might have moved out, as it look like it was doing that at one point. It finished the day with a bearish doji, so I am a little less sure now. The key with ICE usually is, that it will make what looks like a strong move out of the range, one way or another, but then fail that move. When it then breaks out the opposite way, that is usually the true move. We will see.
Only question is if OEX holds it in place for a little bit longer.
