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.
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