Candlesticks - Bearish Engulfing Intercontinental Exchange

Published on Thursday, 26 July 2012 04:57 Written by TradersHuddle Wire

New York, July 26th (TradersHuddle.com) - Shares of Intercontinental Exchange Inc. (NYSE:ICE) ended the trading session lower by $0.36 or -0.27% 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 determined by calculated support defined at $128.86 and by the resistance level at $137.44, which should be used by traders planning their next move.

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