ICE Up 6% on Triangular Bull Flag
Posted by Blain Reinkensmeyer
January 3, 2007 at 11:05 am
Straight from the books, you can see how Intercontinentalexchange (ICE) set itself up last week. The original triangular pattern called us for a move one way or another, and the decreasing volume overall signaled its arrival soon. A move to $110ish was bullish, and you can see with the green box where the stock broke the pattern. This was your buy signal for those taking a position off the pattern, and today ICE shares are up over 6% trading near $115 with a high of $115.68
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[...] We had Intercontinental Exchange (ICE) called way back at $105 with the break of its triangular pattern. Since that move to $110, ICE has surged an astonishing 22% closing above $135 today. Check out the original chart here. Going forward it may not be a bad idea to take some of your profits off the table. Though there is still alot of upward potential, the further the stock runs from its 50 DMA, the higher the volatility risk to the downside. Setting up a stop could work in this position too. [...]