By: Marc Sperling
Take a look at the 60 minute chart of the Intercontinental Exchange (ICE). The stock has made a nice upmove and volatility has been contracting. This is healthy and bullish digestion in a strong stock. ICE is just preparing itself for a move through $110.50 and building a base before it does so. In this market environment, when I see a big move that is subsequently followed by a narrowing range, I know the stock is gaining the power it needs to take out an important level. I am now long and have a target in the $117-120 area.