(ICPT - Get Report) is a biopharmaceutical company focused on the development and commercialization of novel therapeutics to treat chronic liver disease utilizing its proprietary bile acid chemistry. This stock closed up 8.6% at $62.87 in Fridays trading session.
Friday's Volume: 891,000
Three-Month Average Volume: 196,239
Volume % Change: 455%
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From a technical perspective, ICPT spiked sharply higher here right above its 50-day moving average of $55.19 with heavy upside volume. This move briefly pushed shares of ICPT into breakout territory, after the stock took out some near-term overhead resistance at $63.20. Shares of ICPT closed just below that breakout level at $62.87. Market players should now look for a continuation move higher in the short-term if ICPT manages to take out Friday's intraday high of $63.58 with high volume.
Traders should now look for long-biased trades in ICPT as long as it's trending above $60, and then once it sustains a move or close above $63.58 with volume thats near or above 196,239 shares. If we get that move soon, then ICPT will set up to re-test or possibly take out its next major overhead resistance levels at $70 to $72.
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