Breaking Down: Incyte Corporation (NASDAQ:INCY) Stock Drop Below Support -- Technicals Hit Extreme Weakness
(INCY Price of Stock at Publication: $93.45)
Breaking Down: Incyte Corporation (NASDAQ:INCY) has hit extreme technical weakness -- watch the stochastics and technical oscillators for any kind of momentum signals if you are looking for a turnaround.
The company has broken down to a one bull momentum rating -- that is extreme weakness and through technical support. It may be tempting to view the price as over sold, making this a potential entry for a long position, but as of this moment, the stock price is moving sharply lower, it has cut through technical support and the bears are leading the charge until the stock can find a bid.
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INCY is down -16.3% over the last three months and down -29.2% over the last six months. The stock has returned -18.9% over the last year. The current stock price is $93.45.
INCY Stock Returns
Technicals | Support: Stock is Through Support | Resistance: 100.98
Death Cross Alert: The 50 day moving average is now below the 200 day moving average.
As we noted above -- the back of the envelope rule here is that when shorter-term moving averages move below the longer-term ones, momentum is weakening. We have that right now.
Incyte Corporation's -3.28% drop today is critical to its technical outlook.
Swing Death Cross Alert: The short-term 10 day moving average is now below the 50 day moving average.
Recall that when we see the shortest-term moving average (10-day in this case) fall below any other moving average (50-day in this case), it indicates weakening momentum.
Incyte Corporation's -3.28% drop today has a material impact on its technical outlook.
We can set aside stochastics, this is a one bull rating for a simple reason: Incyte Corporation is hitting a technical breakdown right now. The stock has a one bull (extreme weakness) technical momentum rating because it's trading through support, right now
We now turn to the actual numbers driving this rating:
Incyte Corporation (NASDAQ:INCY) rating statistics:
10-day moving average: $98.05
50-day moving average: $99.83
200-day moving average: $119.08