INCY finds buyers at key support level
Incyte Corporation (INCY) Technical Analysis Report for Jun 30, 2020 | by Techniquant Editorial Team
Moving higher for the 2nd day in a row, INCY finished the month 2.02% higher at 103.97 after gaining $1.49 (1.45%) today, underperforming the Nasdaq 100 (1.96%). Closing above Monday's high at 103.87, the market confirmed its breakout through the previous session high after trading up to $0.66 above it intraday.
Daily Candlestick Chart (INCY as at Jun 30, 2020):
Tuesday's trading range has been $2.86 (2.79%), that's below the last trading month's daily average range of $3.79. Weekly volatility is also lower, being below the market's average weekly trading range. The longer-term, monthly volatility is currently higher than usual for INCY.
One bullish candlestick pattern matches today's price action, the White Candle. The last time a White Candle showed up on June 22nd, INCY actually lost -2.21% on the following trading day.
After trading down to 101.67 earlier during the day, the share bounced off the key technical support level at 101.88 (S1). The failure to close below the support could increase that levels significance as support going forward.
The trend is clearly bullish, showing an intact uptrend in the short, medium and long-term.
Among the six market conditions that our pattern recognition engine identified today, the statistics for the Support/Resistance based market condition "Bounced off Technical Support S1" stand out. Its common bullish interpretation has been confirmed for Incyte. Out of 475 times, INCY closed higher 53.89% 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 56.21% with an average market move of 1.54%.