Incyte Inc. (INCY) is in a cutting-edge industry and its shares are poised for an upside breakout. Let's check out the charts for a technical strategy that makes sense.
In the daily bar chart of INCY, below, we can see some rapid swings. The shares declined from the middle of December to late March before rallying sharply into late April. Prices recouped their losses and went on to make new highs. Prices corrected from late April into June before rallying to new highs yet again. INCY is close to pushing up again to new highs. Prices are above the rising 50-day moving average line and the rising 200-day moving average line.
The daily On-Balance-Volume (OBV) line is moving up and tells us that buyers of INCY have been more aggressive. The Moving Average Convergence Divergence (MACD) oscillator has been above the zero since early April and is turning upward to a fresh buy signal.