INCY pushes through Thursday's high
Incyte Corporation (INCY) Technical Analysis Report for Feb 14, 2020 | by Techniquant Editorial Team
Moving higher for the 2nd day in a row, INCY ended the week 5.81% higher at 78.45 after gaining $0.40 (0.51%) today, slightly outperforming the Nasdaq 100 (0.29%). Today's close at 78.45 marks the highest recorded closing price since January 22nd. Trading up to $0.56 lower after the open, the market managed to reverse during the session as bulls took control ending the day above its opening price. Closing above Thursday's high at 78.44, the stock confirmed its breakout through the previous session high after trading up to $0.02 above it intraday.
Daily Candlestick Chart (INCY as at Feb 14, 2020):
Friday's trading range has been $1.01 (1.29%), that's far below the last trading month's daily average range of $1.86. Weekly volatility is also lower, being slightly below the market's average weekly trading range. The longer-term, monthly volatility is currently significantly lower than usual for INCY.
Prices are trading close to the key technical resistance level at 79.06 (R1). After having been unable to move above 78.44 in the prior session, Incyte ran into sellers again around the same price level today, missing to move higher than 78.46. The last time this happened on January 24th, INCY lost -0.87% on the following trading day.
The share shows strength in the short-term supported by its long-term uptrend with only the medium-term trend being bearish.
Among the six market conditions that our pattern recognition engine identified today, the statistics for the Price Action based market condition "2 Consecutive Higher Closes" stand out. Its common bullish interpretation has been confirmed for Incyte. Out of 312 times, INCY closed higher 53.53% 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 53.21% with an average market move of 1.15%.