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The Intercontinental Exchange (ICE) Keeps Sliding, Here’s The Trade

The Intercontinental Exchange (ICE) operates regulated global markets, clearing houses and exchanges for trading energy, commodities and equity indexes. The stock has been under pressure since peaking on September 2nd, 2020 at $106.99 a share. Today, ICE stock is trading lower by $3.74 to $93.86 a share. Traders should note that ICE stock is now breaking below its important 200-day moving average. A daily chart close below this key support level would put this stock in a weak technical position on the charts and lower share prices are likely.

When looking at the larger time-frame the next major support area for ICE stock will be around the $88.50 area. This is where the 100-week moving average is currently located and this is often solid support by itself. This level also matches up nicely with the weekly chart break-out from early May 2020 which increases the odds of further support when tested. Please remember, the Intercontinental Exchange (ICE) will report earnings on October 29th, 2020.

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