Monday, April 2, 2007

Buy: Intercontinental Exchange (ICE 124.10) looks poised to bounce higher to 20 day EMA (128.66)






















Rationale: Intercontinental Exchange (ICE 124.10) has a daily bullish divergence (see rectangle area on chart) and suggests a bounce up to it's 20 day EMA (128.66) area. After a deep correction from it's Feb '07 163.63 peak, recent price action has been consolidating in the intraday 120 min time frames and appears poised to expand with a directional bias while holding support in the low 120 area.

Price Target: 128.66, 20 day EMA
Stop : 120.5