Incyte Corporation Stock Forecast
Evaluation of Incyte Corporation stock downgraded after the last trading session.
(Updated on Jul 02, 2024)
The Incyte Corporation stock price fell by -3.04% on the last day (Tuesday, 2nd Jul 2024) from $60.87 to $59.02. During the last trading day the stock fluctuated 3.15% from a day low at $58.63 to a day high of $60.48. The price has fallen in 6 of the last 10 days and is down by -5.85% for this period. Volume has increased on the last day by 1 million 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, 3 million shares were bought and sold for approximately $183.71 million.
The stock lies in the lower part of a wide and strong rising trend in the short term, and this may normally pose a very good buying opportunity. If the lower trend floor at $58.81 is broken, it will firstly indicate a slower rate of rising, but may also be an early warning for a trend shift. Given the current short-term trend, the stock is expected to rise 18.90% during the next 3 months and, with a 90% probability hold a price between $69.93 and $76.98 at the end of this 3-month period.
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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. On corrections up, there will be some resistance from the lines at $61.49 and $59.44. A break-up above any of these levels will issue buy signals. A sell signal was issued from a pivot top point on Monday, June 24, 2024, and so far it has fallen -7.42%. 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
Incyte Corporation finds support from accumulated volume at $58.80 and this level may hold a buying opportunity as an upwards reaction can be expected when the support is being tested.
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 $1.85 between high and low, or 3.15%. For the last week, the stock has had daily average volatility of 2.55%.
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 Wednesday 3rd
For the upcoming trading day on Wednesday, 3rd we expect Incyte Corporation to open at $59.38, and during the day (based on 14 day Average True Range), to move between $57.56 and $60.48, which gives a possible trading interval of +/-$1.46 (+/-2.48%) up or down from last closing price. If Incyte Corporation takes out the full calculated possible swing range there will be an estimated 4.95% move between the lowest and the highest trading price during the day.
Since the stock is closer to the resistance from accumulated volume at $59.16 (0.24%) than the support at $58.80 (0.37%), our systems don't find the trading risk/reward intra-day attractive and any bets should be held until the stock is closer to the support level.
Is Incyte Corporation stock A Buy?
The Incyte Corporation stock holds several negative signals and despite the positive trend, we believe Incyte Corporation will perform weakly in the next couple of days or weeks. Therefore, we 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 Buy to a Sell candidate.
Current score: -4.804 Sell Candidate Downgraded
Predicted Opening Price for Incyte Corporation of Wednesday, July 3, 2024
| Fair opening price July 3, 2024 | Current price |
|---|---|
| $59.38 ( 0.605%) | $59.02 |
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 | |
|---|---|---|
| R3 | 61.23 | 3.74% |
| R2 | 60.52 | 2.54% |
| R1 | 60.08 | 1.80% |
| Price | 59.02 | |
| S1 | 58.67 | -0.591% |
| S2 | 58.23 | -1.33% |
| S3 | 57.53 | -2.53% |
Accumulated Volume Support & Resistance Levels
| Level | Price | |
|---|---|---|
| R3 | 63.22 | 7.12% |
| R2 | 62.69 | 6.22% |
| R1 | 59.16 | 0.237% |
| Price | 59.02 | |
| S1 | 58.80 | -0.373% |
| S2 | 58.41 | -1.03% |
| S3 | 57.60 | -2.41% |
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