Chart of the Week: Intercontinental Exchange
First one of the week here is gonna be the Intercontinental Exchange, or ICE is the symbol. Let’s take a look at the daily chart, and we’re also gonna take a look at the weekly chart as well.
What do we see in here on this chart? Obviously a nice rise up from the end of October of higher highs and higher lows. You can see that the stock pulled in a little bit for a modest pullback to the 20 day moving average at the beginning of December, and it vaulted higher from that point on. It has not turned back. Even a more recent pullback last week for about three days hasn’t stopped the stock from moving. It is up strong already in 2024.
Yesterday’s rally was phenomenal for the markets, but it took ICE along with it. We are up near all times highs. I’ll show you that on the weekly chart in just a moment.
Volume trends have been really, really good. Check this out: Look at these volume bars when the stock was going up. That’s what you want to see. You want to see good strong volume when the stock is rising. We also see good strength in the money flow, and you can see that that is pointing towards that right there.
We did cross under the MACD – the black line did cross under the red line a couple of days ago – but it was just a temporary rest to just let the moving averages catch up. The 20 day moving average is all the way back up towards $124; the stock is at $128. Look at the other moving averages. The 50 day moving average is at $115, the 200 day moving average is down at $111 – so more than 10% away for those moving averages there.
Good relative strength. We got overbought, and we’re overbought for the better part of 3 1/2 weeks. It pulled back down a little bit again last week when the markets went down, and the stock is ready to run again. We think the stock’s got some room at least to $145-150.
So what is ICE, the Intercontinental Exchange? Of course they own the NYSE. They’re an Atlanta-based company. They own several different exchanges. I believe the NYMEX as well, too. Not the CME of course, but the NY Board of Trade, I think they bought a few years back, too. This is a big company; this is the biggest one out there. They do own some other options exchanges, too.
I did promise to take a look at the weekly chart with you. You can see back over here the old highs come in at around $135. I think that this stock has more room than that. You can see a really nice uptrend here in ICE in higher highs and higher lows on the weekly chart. That is bullish.
You can see this nice channel that’s been established over here. We’re at the top end of the channel right now, so we could pull back a little bit, maybe again towards that 20 day moving average that I showed you just a couple of moments ago.
Make no mistake – this is a strong stock. It’s gonna be a buy-and-pullback for any big institutions when they’re watching the ICE.
So that’s Intercontinental Exchange.
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