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Watch for Shares of IntercontinentalExchange (ICE) to Approach Resistance at $137.34

Published on Tue, 01/29/2013 - 10:41
By Adrienne Chilton

IntercontinentalExchange (NYSE:ICE) has opened bullishly above the pivot of $134.79 today and has reached the first level of resistance at $136.27. Should the shares continue to rise, the resistance pivots of $137.34 and $139.89 will be of interest.

IntercontinentalExchange Inc. 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 including cocoa, coffee, cotton, ethanol, orange juice, and sugar.

In the past 52 weeks, shares of IntercontinentalExchange have traded between a low of $114.20 and a high of $142.75 and are now at $136.25, which is 19% above that low price. In the last five trading sessions, the 50-day moving average (MA) has climbed 0.2% while the 200-day MA has remained constant.

IntercontinentalExchange (NYSE:ICE) has potential upside of 9.4% based on a current price of $136.25 and analysts' consensus price target of $149.00. The stock should find initial support at its 200-day moving average (MA) of $130.98 and further support at its 50-day MA of $129.35.

By Adrienne Chilton