INCY ready for a recovery?
Updated
There was a steep drop 3 days ago, and the stage is being set for a return to the mean because:
1. The asset has spent three days outside of the Bollinger Band. It's been out in the cold for too long and needs some warmth right now
2. TD Sequential candles 7 and 8 are dojis. The next candle will either be a doji TD #9 or a bullish TD #1 i.e. probably won't hurt to get in now.
Entry at 77.14
Exit before middle of Bollinger Band or 20MA (I am going with 88 in my paper trading account)
Stop Loss: 75.12
1. The asset has spent three days outside of the Bollinger Band. It's been out in the cold for too long and needs some warmth right now
2. TD Sequential candles 7 and 8 are dojis. The next candle will either be a doji TD #9 or a bullish TD #1 i.e. probably won't hurt to get in now.
Entry at 77.14
Exit before middle of Bollinger Band or 20MA (I am going with 88 in my paper trading account)
Stop Loss: 75.12
Note
This was due to a failed drug study, but they already have a similar drug in the market that can be improved. investors.com/news/technology/incyte-stock-crashes-after-biotech-company-graft-vs-host-drug-fails/Investors clearly overreacted, but there is a reason the stock climbed from $78 in October 2019 to $96 in December 2019, and it is not solely because of the failed drug study
Note
And boom! Off we go. But it took a while to happen. Also, the volume is not really great. Revised target for taking of 50% is now $84.
Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.