Bears Appeared - Intercontinental Exchange

Published on Tuesday, 24 August 2010 01:09 Written by Christian Paolinetti

New York, August 24th (TradersHuddle.com) - Shares of Intercontinental Exchange Inc. (NYSE:ICE) ended the trading session lower by $0.57 or -0.59% from its previous close. Intercontinental Exchange's price action formed what is considered to be a bearish engulfing candlestick chart pattern.

Intercontinental Exchange Inc. (NYSE:ICE) operates global commodity and financial products marketplaces. The Company operates electronic energy markets and soft commodity exchanges as well. ICE offers access to contracts based on crude oil and refined products, natural gas, power and emissions, as well as agricultural commodities.

Intercontinental Exchange's current stock range is defined by calculated support defined at $95.57 and by the resistance level at $111.55, which should be used by traders planning their trades.

Traders wanting to establish a position in Intercontinental Exchange stock need to pay close attention at the bearish engulfing pattern, since it could mark a trend reversal to current Intercontinental Exchange shares price action. The Bearish engulfing pattern is a leading warning sign, therefore traders should closely monitor price action for indications of a trend reversal. Below an Engulfing Bearish Candle Illustration: