IDXX closes higher for the 3rd day in a row
IDEXX Laboratories Inc. (IDXX) Technical Analysis Report for Jul 31, 2020 | by Techniquant Editorial Team
Moving higher for the 3rd day in a row, IDXX ended the month 20.47% higher at 397.75 after surging $23.65 (6.32%) today on high volume, notably outperforming the Nasdaq 100 (1.78%) following today's earnings report. This is the biggest single-day gain ever recorded for the stock. Today's close at 397.75 marks the highest recorded closing price ever.
Daily Candlestick Chart (IDXX as at Jul 31, 2020):
IDXX reported earnings of $1.72 per share before today's market open. With analysts having expected an EPS of $1.21, IDEXX Laboratories Inc. beat market expectations by 42.1%. The company's last earnings report was released on April 30, 2020, when IDEXX Laboratories Inc. reported earnings of $1.29 per share topping market expectations by 4.0%.
Friday's trading range has been $25.20 (6.58%), that's far above the last trading month's daily average range of $9.63. Weekly volatility is also higher, being way above the market's average weekly trading range. The longer-term, monthly volatility is currently strongly higher than usual for IDXX.
One bullish candlestick pattern matches today's price action, the White Candle.
Crossing above the upper Bollinger Band for the first time since July 22nd, prices have shown unusually strong upward momentum in the short-term. This might either indicate a potential buying climax after which prices could head back down towards the mean of the Bollinger Bands at 353.62 or signal the beginning of a strong momentum breakout leading to even higher prices. The last time prices broke out above the upper Bollinger Band on July 17th, IDXX gained 3.19% on the following trading day.
The trend is clearly bullish, showing an intact uptrend in the short, medium and long-term.
Among the 10 market conditions that our pattern recognition engine identified today, the statistics for the Stock Earning Report based market condition "Trading Day post strong Earnings Report" stand out. Although it is usually interpreted as neutral, it has actually shown to be bullish for IDEXX Laboratories. Out of 27 times, IDXX closed higher 59.26% 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 59.26% with an average market move of 0.70%.