The Intercontinental Exchange (NYSE: ICE) is an American network of exchanges and clearing houses for financial and commodity markets. It has been gobbling up companies for years, and a couple of years ago, they managed to snag their crown jewel, the prized New York Stock Exchange. The ICE now provides a full array of services across all markets with an envious cost structure.
Last week’s earnings showed the power of this behemoth (its size far exceeds that of its rivals). Technically, we also like the stock for its higher levels. It faced a tough resistance level in May, and it finally jumped over that last week into new all-time highs. It is currently consolidating that upward move.
We like the nice, tight range on lower turnover and impressive relative strength. The MACD is still on a buy even though the momentum indicators are overbought. This stock could easily exceed last week’s highs and move toward the 300 level quickly.
Take a deeper dive into the chart action on NYSE: ICE and learn how to read the technicals. Get Bob Lang’s full analysis as he marks up our chart of the week.
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Intercontinental Exchange, Inc. operates regulated exchanges, clearing houses, and listings venues for financial and commodity markets in the United States, the United Kingdom, Continental Europe, Asia, Israel, and Canada. The company operates marketplaces for trading and clearing an array of derivatives and securities contracts across various asset classes, including energy and agricultural commodities, interest rates, equities, equity derivatives, credit derivatives, bonds, and currencies. It primarily provides trade execution, listing, price discovery and transparency, trade processing and repositories, clearing, benchmark administration, and market data services. The company operates exchanges and marketplaces, such as ICE Futures Europe, ICE Futures U.S., ICE Futures Canada, ICE Endex, NYSE Amex Options, NYSE Arca Options, and ICE Futures Singapore, as well as over-the-counter markets for physical energy and credit default swaps, and central counterparty clearing houses. It serves financial institutions, money managers, trading firms, commodity producers and consumers, institutional and individual investors, and other business entities. The company was founded in 2000 and is headquartered in Atlanta, Georgia.