Earlier today, IDEXX Laboratories (IDXX) fell beneath its rising 20 day EMA but quickly recovered and is now on the verge of breaking above a quadruple top in the 79-80 range. Volume isn't huge, but it is increasing so a breakout should be respected. We've seen hesitation in this range in August and September of 2015 and two more times in March. Perhaps the second quarter of this year will be the lucky charm. Here's the visual:
One bullish feature is that IDXX is part of the medical supplies industry group and you can see from above that the DJUSMS has been a relative winner thus far in 2016 vs. the S&P 500. So there's the additional tail wind of being part of a strong industry group.
Happy trading!
Tom
About the author:
Tom Bowley is the Chief Market Strategist of EarningsBeats.com, a company providing a research and educational platform for both investment professionals and individual investors. Tom writes a comprehensive Daily Market Report (DMR), providing guidance to EB.com members every day that the stock market is open. Tom has contributed technical expertise here at StockCharts.com since 2006 and has a fundamental background in public accounting as well, blending a unique skill set to approach the U.S. stock market.
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