Intercontinental Exchange, or the ICE has been gobbling up companies for years but the crown jewel was a couple years back when they by the prized New York Stock Exchange, or NYSE. The ICE now provides a full array of services across all markets and has an envious cost structure. Last week’s earnings showed the power of this behemoth, far exceeding the size of its rivals. Technically, we also like the stock for higher levels.
There was a tough resistance level in May that ICE jumped over last week onto new all-time highs, and now it is consolidating that upward move. We like a nice, tight range in lower turnover, while the MACD is still on a buy and the momentum indicators are overbought. This stock could easily exceed last week’s highs soon and move toward the 300 level quickly. The relative strength is also impressive.
