Tuesday, July 01, 2008
ICE Made a new 1.5 year closing low today. The volume was not strong enough to confirm what looks like a major breakdown, but this stock is in trouble. The scale of the pattern gives a long term target in the middle of the 2006 price range. In the very short term, next support is around $110 which is where I'd expect a bounce back up to the breakdown price ($114). But then it drops to $61? Things are starting to get really ugly.