Incyte Corporation (NASDAQ: INCY)

Incyte Corporation focuses on the discovery, development, and commercialization of proprietary therapeutics in oncology. It offers JAKAFI for the treatment of myelofibrosis and polycythemia vera cancers. Its clinical stage products include ruxolitinib cream, which is in Phase II clinical trial for the treatment of alopecia areata; and INCB52793, which is in Phase I/II for the treatment of advanced malignancies.
Take a look at the 1-year chart of Incyte (NASDAQ: INCY) below with my added notations:

INCY appears to have been forming a base of some kind over the past several months, while also forming a key level of resistance to watch at $85 (red). INCY has already tested that level twice, and it looks like it’s going to do it again soon. A break above that $85 level should lead to higher prices, most likely the $90 level from last year, at minimum.

The Tale of the Tape: INCY has a key level of resistance at $85. A long trade could be entered on a break through that level. However, if you are bearish on the stock, a short trade could be made on any rallies up to $85.