INCY approaching $100
INCY isn't quite there yet - as a good linear trending stock. The daily 50ma is beginning to look like it may be offering consistent support but it is early days.
There was congestion around the $50 and daily 200ma zone for several months in the middle of 2014 - which was some way off the February 2014 high of just above $70. Towards the end of last year price broke above this area with previous resistance becoming support. Since then we can see signs of a tentative trend beginning to form.
Yesterday's bar confirmed a bull flag - and price also broke out on higher volume. The bar was extremely bullish, too. However, the $100 figure is now too close to consider a long position at the moment - especially taking into account price action around the $50 half figure. But there is some way to go before the 2000 high of $145 so there is time for a better trend to develop here. If it does I will reconsider INCY then.
There was congestion around the $50 and daily 200ma zone for several months in the middle of 2014 - which was some way off the February 2014 high of just above $70. Towards the end of last year price broke above this area with previous resistance becoming support. Since then we can see signs of a tentative trend beginning to form.
Yesterday's bar confirmed a bull flag - and price also broke out on higher volume. The bar was extremely bullish, too. However, the $100 figure is now too close to consider a long position at the moment - especially taking into account price action around the $50 half figure. But there is some way to go before the 2000 high of $145 so there is time for a better trend to develop here. If it does I will reconsider INCY then.
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