IDXX pushes through Monday's high
IDEXX Laboratories Inc. (IDXX) Technical Analysis Report for Jun 30, 2020 | by Techniquant Editorial Team
Moving higher for the 2nd day in a row, IDXX ended the month 6.89% higher at 330.16 after gaining $2.26 (0.69%) today on high volume, strongly underperforming the Nasdaq 100 (1.96%). Today's close at 330.16 marks the highest recorded closing price ever. Trading up to $3.23 lower after the open, IDEXX Laboratories managed to reverse during the session as bulls took control ending the day above its opening price. Closing above Monday's high at 328.35, the market confirmed its breakout through the prior session high after trading up to $4.24 above it intraday.
Daily Candlestick Chart (IDXX as at Jun 30, 2020):
Tuesday's trading range has been $8.21 (2.51%), that's slightly below the last trading month's daily average range of $10.84. Weekly volatility is also lower, being slightly below the market's average weekly trading range. The longer-term, monthly volatility is currently slightly higher than usual for IDXX. Prices continued to consolidate within a tight trading range between 322.00 and 332.59 where it has been caught now for the last three trading days.
One bearish candlestick pattern matches today's price action, the Last Engulfing Top Pattern. The last time a Last Engulfing Top Pattern showed up on May 11th, IDXX lost -3.44% on the following trading day.
Unable to break through the key technical resistance level at 330.29 (R1), the stock closed below it after spiking up to 332.59 earlier during the day. The failure to close above the resistance might increase that levels importance going forward.
The trend is clearly bullish, showing an intact uptrend in the short, medium and long-term.
Selling could speed up should prices move below the close-by swing low at 322.00 where further sell stops might get activated.
Among the eight market conditions that our pattern recognition engine identified today, the statistics for the Price Action based market condition "2 Consecutive Higher Closes" stand out. Its common bullish interpretation has been confirmed for IDEXX Laboratories. Out of 333 times, IDXX closed higher 61.56% 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 58.86% with an average market move of 1.08%.