Incyte (INCY) – Buy on Pullback – Dec 16th, 2019
S&P 500 Market Outlook: Bullish
Bullish Trade: INCY $91.51 – Biotechnology
The bullish DailyPlay we chose for Monday, Dec 16th is Incyte (INCY). INCY is part of the Biotech Sector (IBB). IBB has rallied 9.09 % higher over the past month and its 1m and 6m trend turned bullish on Oct 22nd and recently broke above its $115 resistance level.
Fiserv’s 1m and 6m trend turned neutral and bullish on Dec 13th and recently bounced higher off its $90 support level. With a technical score of 7 (out of 10), INCY is a strong stock that will likely continue higher.
As a stop loss, if INCY was to trade below $90 for multiple days, this would invalidate our analysis and suggest cutting losses on the trade.