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

By Amy Schwartz

SmarTrend's candlestick scanner has spotted a possible bullish inside day candle pattern in Incyte Corp (NASDAQ:INCY) based on the price action in the company's shares. Yesterday's price range of $62.35 and $63.93 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. Traders and investors interested in shares of Incyte Corp may want to consider an appropriate entry level in the event a reversal to the upside transpires. It is important to look for confirmation.

There is potential upside of 126.5% for shares of Incyte Corp based on a current price of $62.99 and an average consensus analyst price target of $142.67. Incyte Corp shares should first meet resistance at the 50-day moving average (MA) of $72.75 and find additional resistance at the 200-day MA of $95.94.

In the past 52 weeks, Incyte Corp share prices have been bracketed by a low of $61.30 and a high of $153.15 and closed yesterday at $62.99, 3% 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 a biopharmaceutical company. The Company discovers, develops and commercializes proprietary small molecule drugs, primarily used in oncology.

SmarTrend recommended that its subscribers protect gains by selling shares of Incyte Corp on March 19th, 2018 by issuing a Downtrend alert when the shares were trading at $87.42. Since that call, shares of Incyte Corp have fallen 28.7%. We are now looking for when a new Uptrend will commence and will alert SmarTrend subscribers in real time.

Keywords: bullish am inside day candle incyte corp

Ticker(s): INCY