Don't Ignore This Chart!

This Stock Awaiting Breakout In The Bullish Medical Supplies Group

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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

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Tom Bowley
About the author: co-founded Invested Central in 2004 and served as the site's Chief Market Strategist for more than 10 years. Invested Central provides stock market education and guidance for those interested in making their own financial decisions. During his tenure at Invested Central, Tom co-hosted Market Open LIVE, a national radio broadcast that covered many of the largest markets across the U.S. In addition, he has spoken at various conferences throughout the United States and Canada and has taught thousands of traders across the globe how to trade equities more wisely with an emphasis on managing risk and intermarket relationships. Learn More
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