Incyte Corporation Stock Forecast
Incyte Corporation stock downgraded to Sell Candidate
(Updated on Apr 19, 2024)
The Incyte Corporation stock price fell by -0.89% on the last day (Friday, 19th Apr 2024) from $52.82 to $52.35. During the last trading day the stock fluctuated 1.92% from a day low at $52.00 to a day high of $53.00. The price has fallen in 8 of the last 10 days and is down by -5.23% for this period. Volume has increased on the last day by 93 thousand shares but on falling prices. This may be an early warning and the risk will be increased slightly over the next couple of days. In total, 2 million shares were bought and sold for approximately $98.43 million.
The stock lies in the lower of a falling trend in the short term, and this may normally pose a very good buying opportunity. If the lower trend floor at $52.12 is broken, it will firstly indicate a stronger fall rate. Given the current short-term trend, the stock is expected to fall -10.17% during the next 3 months and, with a 90% probability hold a price between $46.82 and $51.33 at the end of this 3-month period. Do note, that if the stock price manages to stay at current levels or higher, our prediction target will start to change positively over the next few days as the conditions for the current predictions will be broken.
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INCY Signals & Forecast
There are few to no technical positive signals at the moment. The Incyte Corporation stock holds sell signals from both short and long-term Moving Averages giving a more negative forecast for the stock. Also, there is a general sell signal from the relation between the two signals where the long-term average is above the short-term average. On corrections up, there will be some resistance from the lines at $53.33 and $56.72. A break-up above any of these levels will issue buy signals. A sell signal was issued from a pivot top point on Tuesday, February 27, 2024, and so far it has fallen -14.18%. Further fall is indicated until a new bottom pivot has been found. Furthermore, there is currently a sell signal from the 3 month Moving Average Convergence Divergence (MACD). Volume rose on falling prices yesterday. This may be an early warning and the stock should be followed more closely.
Support, Risk & Stop-loss for Incyte Corporation stock
There is no support from accumulated volume below today's level and given the right condition the stock may perform very badly in the next couple of days.
This stock has average movements during the day and with good trading volume, the risk is considered to be medium. During the last day, the stock moved $1.00 between high and low, or 1.92%. For the last week, the stock has had daily average volatility of 1.80%.
Incyte Corporation is oversold on RSI14 (11). Some stocks may fall long and hard while being oversold on RSI, but stocks that are heavily oversold on RSI often pose good re-bounce chance and played well it can be a buy candidate.
Our recommended stop-loss: We hold a negative evaluation for this stock. No stop-loss is set.
Trading Expectations (INCY) For The Upcoming Trading Day Of Monday 22nd
For the upcoming trading day on Monday, 22nd we expect Incyte Corporation to open at $52.45, and during the day (based on 14 day Average True Range), to move between $51.22 and $53.48, which gives a possible trading interval of +/-$1.13 (+/-2.17%) up or down from last closing price. If Incyte Corporation takes out the full calculated possible swing range there will be an estimated 4.34% move between the lowest and the highest trading price during the day.
With no support below and resistance from accumulated volume @ $57.34, some $4.99 (9.53%) from the current price of $52.35, our system finds the risk reward not very attractive.
Is Incyte Corporation stock A Buy?
Incyte Corporation holds several negative signals and is within a falling trend, so we believe it will still perform weakly in the next couple of days or weeks. We therefore hold a negative evaluation of this stock. Due to some small weaknesses in the technical picture we have downgraded our analysis conclusion for this stock since the last evaluation from a Hold/Accumulate to a Sell candidate.
Current score: -4.409 Sell Candidate Downgraded
Predicted Opening Price for Incyte Corporation of Monday, April 22, 2024
| Fair opening price April 22, 2024 | Current price |
|---|---|
| $52.45 ( 0.191%) | $52.35 |
The predicted opening price is based on yesterday's movements between high, low, and closing price.
Trading levels for INCY
Fibonacci Support & Resistance Levels
| Level | Price | |||
|---|---|---|---|---|
| Resistance | R3 | 53.45 | 2.10 % | |
| R2 | 53.07 | 1.37 % | ||
| R1 | 52.83 | 0.92 % | ||
| Current price: | 52.35 | |||
| Support | S1 | 52.07 | -0.539 % | |
| S2 | 51.83 | -0.99 % | ||
| S3 | 51.45 | -1.72 % |
Accumulated Volume Support & Resistance Levels
| Level | Price | |||
|---|---|---|---|---|
| Resistance | R3 | 59.34 | 13.35 % | |
| R2 | 58.37 | 11.50 % | ||
| R1 | 57.34 | 9.53 % | ||
| Current price | 52.35 | |||
| Support | S1 | 0 | . | |
| S2 | 0 | . | ||
| S3 | 0 | . |
FAQ
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