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Incyte(INCY - Get Report), which focuses on the discovery, development and commercialization of proprietary small molecule drugs to treat serious unmet medical needs, is trading up 5.2% at $19.17 in recent trading.
Today's Volume: 1.56 million
Average Volume: 1.35 million
Volume % Change: 110%
From a technical perspective, INCY is ripping higher here right above its 50-day moving average of $17.30 with above-average volume. This move is quickly pushing INCY within range of triggering a major breakout trade. That trade will hit if INCY takes out some key overhead resistance levels at $19.60 to $19.80 and then once it clears more resistance at $20 to $20.53 with high volume.
Traders should now look for long-biased trades in INCY as long as it's trending above some near-term support at $18.14, and then once it sustains a move or close above those breakout levels with volume that hits near or above 1.35 million shares. If that breakout triggers soon, then INCY will set up to re-fill some its previous gap down zone from last August that started at around $26.