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Uptrend ExhaustionArchive
- 8/30/2024 -
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Incyte (INCY) Technical Analysis
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| Summary:
| | Weekly :  | | Daily :
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| | It was a third consecutive positive week for the Incyte (INCY). During the week, the INCY gained 1.52 points, or 2.37%, and closed at 65.66 on Friday, August 30, 2024. Weekly volume was -23% below average.
INCY is a member of Health Care Sector. Health Care is the second most overbought sector. Sector/industry rotation is considered a proven strategy to beat the market. Use the following links to find overbought/oversold technical indicators by Sector or by Industry.
 Long-term trend: [See INCY long-term trend chart]
A long-term downtrend had started on January 26, 2023 at 86.29 and reached 50.27 on October 31, 2023. INCY lost 36.02 points, or 41.74%, in 39 weeks. The chart has formed a Descending Triangle chart pattern. The downtrend resistance line (50.41) is broken. Usually a broken resistance is considered to be a long-term bullish signal, but since daily indicators are overbought a short-term pull back is possible. INCY may retest the broken resistance line. It is considered to be a support line now. Use the following links to access Trend Support/Resistance Help, or use the Technical Stock Screener to see the list of stocks with broken trend resistance line in a long-term trend.
 Medium-term trend: [See INCY medium-term trend chart]
A medium-term uptrend had started on October 31, 2023 at 50.27 and reached 70.36 on July 25, 2024. INCY gained -20.09 points, or -39.96%, in 38 weeks. The chart has formed a Broadening Right-Angled, Ascending Wedge chart pattern. The trend support level is at 50.41 and resistance is at 70.92. A Broadening Ascending Wedge pattern is considered to be a reversal formation. It usually appears in a mature trend, characterized by overbought/oversold long-term and short-term indicators, and often generates divergence on long-term indicators. Use the following link to access a Broadening Right-Angled, Ascending Wedge chart pattern help, or use a Technical Stock Screener to see the list of stocks with Broadening Right-Angled, Ascending Wedge pattern in a medium-term trend.
 Weekly Technical Indicators: [See INCY weekly technical indicators chart]
Weekly technical indicators are neutral.
The weekly MACD line is above its signal line since May 17, 2024. This is an indication that the medium-term trend is up. Use the following link to access a MACD help.
 Short-term trend: [See INCY short-term trend chart]
A short-term uptrend had started on April 25, 2024 at 50.35 and reached 70.36 on July 25, 2024. INCY gained -20.01 points, or -39.74%, in 91 days. The chart has formed a Broadening Ascending Wedge chart pattern. The trend support level is at 62.43 and resistance is at 76.66. Use the following link to access a Broadening Ascending Wedge chart pattern help, or use a Technical Stock Screener to see the list of stocks with Broadening Ascending Wedge pattern in a short-term trend.
 Daily Technical Indicators: [See INCY daily technical indicators chart]
Daily Lane's Stochastic is overbought. Use the Technical Stock Screener to see the list of stocks with overbought daily Lane's Stochastic. Oscillators are designed to signal a possible trend reversal. They can act as alerts and should be taken in conjunction with other technical analysis tools. Oscillators can be used to confirm other technical signals. Use the following link to access Lane's Stochastic help.
The daily MACD line is above its signal line since August 20, 2024. This is an indication that the short-term trend is up.
During the last week, the 20 Day Moving Average has crossed below the 50 Day Moving Average. Such crossover is considered a bearish signal. The moving average crossover signals work better when the stock develops a strong trend, but they are ineffective when the stock is in a trading range. Moving average crossover systems can be effective, but should be used in conjunction with trend patterns, momentum indicators, candlesticks and other aspects of technical analysis. Use the following links to access Moving Average Crossover trading technique, or use the Technical Stock Screener to see the list of stocks with the Moving Average close to the price level.
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