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

By James Quinn

SmarTrend's candlestick scanner has spotted a possible bearish inside day candle pattern in Incyte (NASDAQ:INCY) based on the price action in the company's shares. Today's price range of $81.68 and $83.02 is within yesterday'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 may want to consider a possible hedge in the event a pullback occurs. Look for confirmation in the next few trading days.

In the past 52 weeks, shares of Incyte have traded between a low of $11.76 and a high of $133.62 and are now at $81.68, which is 595% above that low price. In the last five trading sessions, the 50-day moving average (MA) has fallen 0.2% while the 200-day MA has slid 0.9%.

Incyte Corporation is using its expertise in genomics and medicinal chemistry, as well as molecular, cellular, and in vivo biology to discover and develop novel therapeutics. The Company has drug discovery programs underway focused on the identification of new small molecule drugs for cancer and inflammation.

There is potential upside of 64.8% for shares of Incyte based on a current price of $81.68 and an average consensus analyst price target of $134.58. The stock should hit resistance at its 200-day moving average (MA) of $95.94, as well as support at its 50-day MA of $72.75.

SmarTrend is monitoring the recent change of momentum in Incyte. Please refer to our Company Overview for the results of our proprietary technical indicators that have been scanning shares of Incyte in search of a potential trend change.

Keywords: bearish inside day candle Incyte

Ticker(s): INCY