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

Tom Bowley
About the author: is the Chief Market Strategist at EarningsBeats.com, where he provides stock market education, guidance, and trading strategies using a unique combination of technical, fundamental, and historical analysis. Tom provides EarningsBeats.com members with four portfolios (Model, Aggressive, Income, and Value), all designed to beat the benchmark S&P 500, and a revolving Watch List of hundreds of companies reporting strong quarterly earnings (must beat both revenue and EPS estimates) and exhibiting technical strength as well. These companies comprise EarningsBeats' annotated Strong Earnings ChartList (SECL), from which Tom trades exclusively. Tom writes a Daily Market Report (DMR) for members to include an executive summary, market outlook, sector/industry watch, and trading ideas. Learn More
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