ICPT runs into sellers again around 114.63

Intercept Pharmaceuticals Inc. (ICPT) Technical Analysis Report for Jan 15, 2020 | by Techniquant Editorial Team


ICPT closes higher for the 2nd day in a row
ICPT runs into sellers again around 114.63
ICPT closes within previous day's range after lackluster session


Moving higher for the 2nd day in a row, ICPT ended Wednesday at 112.86 gaining $0.20 (0.18%), slightly underperforming the S&P 500 (0.19%). Closing within the prior day's range, prices missed to decisively move beyond the previous day's trading range in a lackluster session.

Daily Candlestick Chart (ICPT as at Jan 15, 2020):

Daily technical analysis candlestick chart for Intercept Pharmaceuticals Inc. (ICPT) as at Jan 15, 2020

Wednesday's trading range has been $2.29 (2.04%), that's below the last trading month's daily average range of $4.14. Things look different on the weekly timeframe, where the market's trading range of the last week has been way above the market's average weekly trading range. The longer-term, monthly volatility is currently slightly lower than usual for ICPT.

One bearish candlestick pattern matches today's price action, the Bearish Hikkake Pattern. The last time a Bearish Hikkake Pattern showed up on December 31, 2019, ICPT lost -4.23% on the following trading day.

Prices are trading close to the key technical support level at 111.52 (S1). After having been unable to move above 114.09 in the prior session, the market ran into sellers again around the same price level today, failing to move higher than 114.63.

Although the share is currently in a short-term downtrend, this might just be a correction, as both the medium and long-term trends are still bullish.

With prices trading close to this year's high at 121.53, upside momentum could speed up should Intercept be able to break out to new highs for the year.

Among the three market conditions that our pattern recognition engine identified today, the statistics for the OHLC Patterns based market condition "Bearish Hikkake Pattern" stand out. Though it is usually interpreted as bearish, it has actually shown to be bullish for Intercept. Out of 115 times, ICPT closed higher 55.65% of the time on the next trading day after the market condition occurred. The optimal exit for swing trading this condition on the long side has been after 10 trading days, showing a win rate of 60.87% with an average market move of 9.54%.

Market Conditions for ICPT as at Jan 15, 2020

Loading Market Conditions for ICPT (Intercept Pharmaceuticals Inc.)...
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