INCY still stuck within tight trading range

Incyte (INCY) Technical Analysis Report for Apr 16, 2018

Highlights

INCY runs into sellers around 71.25 for the third day in a row
INCY closes higher for the 3rd day in a row
INCY rises to highest close since April 5th
INCY still stuck within tight trading range
INCY closes within previous day's range after lackluster session

TQ Sentiment

Report Sentiment: 28% Bearish
Technical Forecast:

Overview

Moving higher for the 3rd day in a row, INCY finished Monday at 70.37 gaining $0.25 (0.36%). Today's closing price of 70.37 marks the highest close since April 5th. Closing within the prior day's range, prices failed to decisively move past the previous day's trading range in a lackluster session. Ending the day with an indecisive close, neither buyers nor sellers were able to gain control during the session.

Daily chart for INCY

Volatility

Monday's trading range was $2.49 (3.53%), that's below last trading month's daily average range of $3.41. Things look different on a weekly scale, where volatility is way below the markets average with the monthly volatility being way above average. Prices continued to consolidate within a tight trading range between 65.40 and 71.25 which it has been in now for the last trading week.

Price Action

In a volatile session, prices traded above the prior day's high as well as below the previous day's low, forming a bearish Outside Bar.

Support/Resistance

Incyte ran into sellers again today around 71.25 for the third trading day in a row after having found sellers at 70.62 in the prior session and at 70.58 two days ago.

Trend

The trend is clearly bearish, showing an intact downtrend in the short, medium and long-term.

Conclusion

While classical technical analysis indicates a neutral sentiment for the next trading day, our quantitative statistics show a different picture being bullish.

Market Conditions for Incyte

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