1. Relative Strength Analysis: INCY has outperformed both the SPY and XLV (Health Care Sector Spyder) over YTD, 6 and 12 month periods.
2. Wyckoff re-accumulation, 2nd break of CREEK after a successful test of supply in the form of the "Back Up to the Creek" (BUC).
3. A longer term cup n handle pattern, with the handle shown as a flag pattern after the breakout.
4. The best entry would have been on the breakout of the flag on above average volume, but I missed that entry. So there are two primary entries. 1st, enter at previous closing price 82.42; or 2nd, enter at re-test of CREEK at 78.89, or even to the flag breakout level at 77.05. 1st Target at 110.54, based on a breakout of the flag pattern. Initial stop based on an entry back to the flag breakout would be a close below 69.58, for the other 2 entry levels the stop is at a close below the last major swing low at 73.02. I prefer the first entry because on breakouts when they are strong you rarely get a good pullback entry.
2. Wyckoff re-accumulation, 2nd break of CREEK after a successful test of supply in the form of the "Back Up to the Creek" (BUC).
3. A longer term cup n handle pattern, with the handle shown as a flag pattern after the breakout.
4. The best entry would have been on the breakout of the flag on above average volume, but I missed that entry. So there are two primary entries. 1st, enter at previous closing price 82.42; or 2nd, enter at re-test of CREEK at 78.89, or even to the flag breakout level at 77.05. 1st Target at 110.54, based on a breakout of the flag pattern. Initial stop based on an entry back to the flag breakout would be a close below 69.58, for the other 2 entry levels the stop is at a close below the last major swing low at 73.02. I prefer the first entry because on breakouts when they are strong you rarely get a good pullback entry.