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Possible Bearish Inside Day Candle Pattern Detected for Incyte Corp (NASDAQ:INCY)

By Nick Russo

SmarTrend's candlestick scanner has spotted a possible bearish inside day candle pattern in Incyte Corp (NASDAQ:INCY) based on the price action in the company's shares. Yesterday's price range of $81.40 and $82.09 is within the prior day's high and low of the day. This trading action often signifies indecision by bulls and bears to drive prices higher or lower and often implies a possible change in trend. Owners of Incyte Corp may want to consider a possible hedge in the event a pullback occurs. Look for confirmation in the next few trading days.

Incyte Corporation is a biopharmaceutical company. The Company discovers, develops, and commercializes proprietary small molecule drugs, primarily used in oncology.

Potential upside of 1.2% exists for Incyte Corp, based on a current level of $82.77 and analysts' average consensus price target of $83.75. The stock should find initial support at its 50-day moving average (MA) of $81.75 and further support at its 200-day MA of $81.67.

In the past 52 weeks, Incyte Corp share prices have been bracketed by a low of $64.40 and a high of $96.79 and closed yesterday at $82.77, 29% above that low price. The 200-day and 50-day moving averages have moved 0.03% lower and 0.94% lower over the past week, respectively.

SmarTrend is tracking the current trend status for Incyte Corp and will alert subscribers who have INCY in their portfolio or watchlist when shares have changed trend direction.

Keywords: bearish am inside day candle incyte corp

Ticker(s): INCY