INTERCONTINENTAL EXCHANGE IN (NYSE:ICE) showing some interesting technicals. Here's why.

Our stock screener has flagged INTERCONTINENTAL EXCHANGE IN (NYSE:ICE) as a potential breakout candidate. This occurs when the stock shows signs of consolidation after a notable upward trend. While we can't predict the actual breakout, it's worth monitoring NYSE:ICE for potential movement.

Zooming in on the technicals.

Every day ChartMill assigns a Technical Rating to every stock. The score ranges from 0 to 10 and is determined by evaluating multiple technical indicators and properties.

We assign a technical rating of 10 out of 10 to ICE. This is due to a consistent performance in both the short and longer term time frames. Also compared to the overall market, ICE is showing a nice and steady performance.

• The long and short term trends are both positive. This is looking good!
• Looking at the yearly performance, ICE did better than 88% of all other stocks. We also observe that the gains produced by ICE over the past year are nicely spread over this period.
• ICE is part of the Capital Markets industry. There are 219 other stocks in this industry. ICE outperforms 88% of them.
• ICE is currently trading near its 52 week high, which is a good sign. The S&P500 Index however is also trading near new highs, which makes the performance in line with the market.
• In the last month ICE has a been trading in a tight range between 156.23 and 163.71.

Our latest full technical report of ICE contains the most current technical analsysis.

Why is NYSE:ICE a setup?

In addition to the Technical Rating, ChartMill provides a Setup Rating for each stock. This rating, ranging from 0 to 10, assesses the level of consolidation in the stock based on multiple short-term technical indicators. Currently, NYSE:ICE has a 9 as its setup rating, indicating its current consolidation status.

ICE has an excellent technical rating and also presents a decent setup pattern. Prices have been consolidating lately and the volatility has been reduced. There is a resistance zone just above the current price starting at 161.92. Right above this resistance zone may be a good entry point. There is a support zone below the current price at 161.50, a Stop Loss order could be placed below this zone. Another positive sign is the recent Pocket Pivot signal.

Trading setups like NYSE:ICE

One strategy to consider is waiting for the actual breakout to occur, where the stock breaks out above the current consolidation zone. Traders can then enter a buy position, anticipating further upward momentum. As a risk management measure, it is advisable to set a stop loss order below the consolidation zone.

Important Note: The content of this article is not intended as trading advice. It is essential to perform your own analysis and exercise caution when making trading decisions. The article presents technical observations generated by automated analysis but does not guarantee any trading outcomes. Always trade responsibly and make independent judgments.

More breakout setups can be found in our Breakout screener.

Disclaimer

This is not investing advice! The article highlights some of the observations at the time of writing, but you should always make your own analysis and invest based on your own insights.