IDXX dominated by bulls lifting the market higher throughout the day
IDEXX Laboratories Inc. (IDXX) Technical Analysis Report for May 22, 2020 | by Techniquant Editorial Team
IDXX ended the week 0.12% higher at 294.72 after gaining $2.06 (0.7%) today on low volume, slightly outperforming the Nasdaq 100 (0.38%) ahead of tomorrow's Memorial Day market holiday. The bulls were in full control today, moving the market higher throughout the whole session. Closing within the prior day's range, prices missed to decisively move beyond the previous day's trading range in a lackluster session.
Daily Candlestick Chart (IDXX as at May 22, 2020):
Friday's trading range has been $5.93 (2.04%), that's far below the last trading month's daily average range of $9.96. Weekly volatility is also lower, being below the market's average weekly trading range. The longer-term, monthly volatility is currently slightly lower than usual for IDXX. Prices continued to consolidate within a tight trading range between 288.50 and 297.91 where it has been caught now for the last three trading days.
Two candlestick patterns are matching today's price action, the Bullish Short Candle and the White Candle which are both known as bullish patterns.
Prices are trading close to the key technical resistance level at 300.58 (R1). After having been unable to move lower than 288.50 in the prior session, the share found buyers again around the same price level today at 289.10. The last time this happened on Wednesday, IDXX actually lost -0.97% on the following trading day.
The trend is clearly bullish, showing an intact uptrend in the short, medium and long-term.
Buying could speed up should prices move above the nearby swing high at 302.99 where further buy stops might get activated. Selling could accelerate should prices move below the close-by swing low at 288.50 where further sell stops might get triggered.
Among the nine market conditions that our pattern recognition engine identified today, the statistics for the OHLC Patterns based market condition "Close to Swing High" stand out. Though it is usually interpreted as neutral, it has actually shown to be bullish for IDEXX Laboratories. Out of 737 times, IDXX closed higher 56.31% of the time on the next trading day after the market condition occurred. The optimal exit for swing trading this condition on the long side has been after 10 trading days, showing a win rate of 61.19% with an average market move of 1.17%.