Saturday, February 02, 2008

ICE Update for 02.02.2008


I last commented on this stock at the end of December 2007, where I noted a potential top based on 5 waves up. My initial downside target of $147.25 has been achieved.

Monthly chart shows major selling pressure in January 2008, which resulted in a break of the up trendline in place. Next downside target is the $95 area . No buy signal/pattern evident on this timeframe.

Weekly chart shows continued weakness in price action.

Daily chart shows possible consolidation pattern developing. Price remains below all key moving averages.

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