IDXX runs into sellers again around 249.89
IDEXX Laboratories (IDXX) Technical Analysis Report for Sep 14, 2018
IDXX ended the week 2.22% higher at 247.94 after losing $1.35 (-0.54%) today. Trading $0.95 higher after the open, IDEXX Laboratories was unable to hold its gains as the bears took control ending the day below its opening price. Closing within the previous day's range, prices failed to decisively move beyond the prior day's trading range in a lackluster session.
Friday's trading range was $2.80 (1.12%), that's far below last trading month's daily average range of $4.43. Things look different on a weekly scale, where volatility is slightly below the markets average with the monthly volatility being below average.
After moving higher in the previous session, the share closed lower but above the prior day's open today, forming a bearish Harami Candle.
Breaking below the key support level at 248.09 today, it is now likely to act as resistance going forward. After having been unable to move above 249.75 in the previous session, the market ran into sellers again around the same price level today, failing to move higher than 249.89. After trading as low as 247.09 during the day, the stock found support at the 20-day moving average at 247.49.
Though IDXX is currently in a short-term down trend, this might just be a correction, as the medium and long term trends are both positive.
With prices trading close to this year's high at 256.22, upside momentum could accelerate should IDEXX Laboratories be able to break out to new highs for the year. As prices are trading close to September's high at 254.28, upside momentum might speed up should the share mark new highs for the month.
While classical technical analysis indicates a bearish sentiment for the next trading day, our quantitative statistics show a different picture being bullish.
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