Incyte Corporation, a biopharmaceutical company, focuses on the
discovery, development, and commercialization of proprietary small
molecule drugs primarily for oncology and inflammation. The company
markets JAKAFI, an oral janus associated kinase (JAK) inhibitor for the
treatment of patients with intermediate or high-risk myelofibrosis (MF),
including primary MF, post-polycythemia vera MF, and post-essential
thrombocythemia MF. Its product pipe line includes ruxolitinib, a JAK
inhibitor, which is in Phase III clinical trial for polycythemia vera;
in Phase II trial for pancreatic cancer; and in Phase I trial for the
treatment of malignancies, as well as baricitinib, a JAK inhibitor,
which is in Phase III trial for rheumatoid arthritis, in Phase IIb trial
for psoriasis, and in Phase II trial for diabetic nephropathy.
To review potential trading opportunities with Incyte’s stock, please take a look at the 1-year chart of INCY (Incyte Corporation) below with my added notations:
A rounding top is a reversal pattern that is as simple as it sounds: After an extended rally, a stock “rolls over” from the left to right by the formation of low peaks to higher peaks back down to lower peaks. The top that is formed looks somewhat like an upside down “U”.
INCY appears to have formed a rounding top price pattern (blue) from the beginning of the year until the end of last week. As with any price pattern, a confirmation of the pattern is needed. INCY confirmed its pattern by breaking the $60 support (red) that was created by the rounding top pattern.
The Tale of the Tape: INCY has broken down from its rounding top and should be moving lower overall. A short trade could be made on any rallies back up to the $60 area, while a long trade could be made if the stock were to break back above the $60 level.
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To review potential trading opportunities with Incyte’s stock, please take a look at the 1-year chart of INCY (Incyte Corporation) below with my added notations:
A rounding top is a reversal pattern that is as simple as it sounds: After an extended rally, a stock “rolls over” from the left to right by the formation of low peaks to higher peaks back down to lower peaks. The top that is formed looks somewhat like an upside down “U”.
INCY appears to have formed a rounding top price pattern (blue) from the beginning of the year until the end of last week. As with any price pattern, a confirmation of the pattern is needed. INCY confirmed its pattern by breaking the $60 support (red) that was created by the rounding top pattern.
The Tale of the Tape: INCY has broken down from its rounding top and should be moving lower overall. A short trade could be made on any rallies back up to the $60 area, while a long trade could be made if the stock were to break back above the $60 level.
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