Incyte Corporation Stock Forecast
Incyte Corporation stock price ended at $51.68 on Friday, after gaining 0.98%.
(Updated on Apr 26, 2024)
The Incyte Corporation stock price gained 0.98% on the last trading day (Friday, 26th Apr 2024), rising from $51.18 to $51.68. During the last trading day the stock fluctuated 1.93% from a day low at $50.87 to a day high of $51.85. The price has fallen in 7 of the last 10 days and is down by -4.03% for this period. Volume fell on the last day by -228 thousand shares and in total, 2 million shares were bought and sold for approximately $78.71 million. You should take into consideration that falling volume on higher prices causes divergence and may be an early warning about possible changes over the next couple of days.
The stock lies in the lower of a wide and falling trend in the short term, and this may normally pose a very good buying opportunity. If the lower trend floor at $51.06 is broken, it will firstly indicate a stronger fall rate. Given the current short-term trend, the stock is expected to fall -11.74% during the next 3 months and, with a 90% probability hold a price between $45.06 and $50.10 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
A buy signal was issued from a pivot bottom point on Thursday, April 25, 2024, and so far it has risen 0.98%. Further rise is indicated until a new top pivot has been found. Volume fell during the last trading day despite gaining prices. This causes a divergence between volume and price and it may be an early warning. The stock should be watched closely. Some negative signals were issued as well, and these may have some influence on the near short-term development. 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 $51.91 and $55.64. A break-up above any of these levels will issue buy signals. Furthermore, there is currently a sell signal from the 3 month Moving Average Convergence Divergence (MACD).
Support, Risk & Stop-loss for Incyte Corporation stock
Incyte Corporation finds support from accumulated volume at $51.65 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 $0.98 between high and low, or 1.93%. For the last week, the stock has had daily average volatility of 1.85%.
Incyte Corporation is oversold on RSI14 (18). Some stocks may drop long and hard while being oversold on RSI before turning, which increases the general risk.
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 29th
For the upcoming trading day on Monday, 29th we expect Incyte Corporation to open at $51.47, and during the day (based on 14 day Average True Range), to move between $50.60 and $52.76, which gives a possible trading interval of +/-$1.08 (+/-2.09%) up or down from last closing price. If Incyte Corporation takes out the full calculated possible swing range there will be an estimated 4.19% move between the lowest and the highest trading price during the day.
Since the stock is closer to the support from accumulated volume at $51.65 (0.06%) than the resistance at $57.34 (10.95%), our systems sees the trading risk/reward intra-day as attractive and believe profit can be made before the stock reaches first resistance..
Earnings coming up
Incyte Corporation will release earnings BMO on Tuesday, April 30, 2024.The consensus among the analysts for the expected earnings (EPS) is $0.88. We will update the financials statements for Incyte Corporation, that can be found here as soon as the records are public. Our systems has calculated a possible swing of +/- 5.90% in the first trading day after earnings release.
Is Incyte Corporation stock A Buy?
Incyte Corporation holds several negative signals and is within a wide and 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.
Current score: -2.389 Sell Candidate Unchanged
Predicted Opening Price for Incyte Corporation of Monday, April 29, 2024
| Fair opening price April 29, 2024 | Current price |
|---|---|
| $51.47 ( 0.413%) | $51.68 |
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 | 52.45 | 1.48 % | |
| R2 | 52.07 | 0.759 % | ||
| R1 | 51.84 | 0.312 % | ||
| Current price: | 51.68 | |||
| Support | S1 | 51.09 | -1.14 % | |
| S2 | 50.86 | -1.58 % | ||
| S3 | 50.49 | -2.31 % |
Accumulated Volume Support & Resistance Levels
| Level | Price | |||
|---|---|---|---|---|
| Resistance | R3 | 59.34 | 14.82 % | |
| R2 | 58.37 | 12.95 % | ||
| R1 | 57.34 | 10.95 % | ||
| Current price | 51.68 | |||
| Support | S1 | 51.65 | -0.0580% | |
| S2 | 51.18 | -0.97% | ||
| S3 | 0 | . |
FAQ
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