How to detect mouse is no longer over a notifyicon in systray?

I have a notifyicon and I need to know when the mouse is over it, and when the mouse leaves it. Right now i'm using MouseMove to show a Form that works as a popup when the mouse is over it, and a timer that just tries to close it every second. This means that the timer is "batteling" against the MouseMove and that's not good :)

The popup is flickering alot, and I don't feel this is a very good solution at all. I have searched high and low for some kind of MouseLeave event, but haven't found anything so far.

So, anyone that has some insight to share?