IDXX inverted head and shoulders

14 янв. 2015 г.

IDXX has just broken up out of a nine week pullback. Price struggled to break above the $150 half-figure zone during that time. Prior to this there was a very deep pullback (September/October 2014) which broke below the weekly 50ma for several weeks.

However, price is currently in an uptrend, despite the recent pullback - which, in fact, formed an inverted head and shoulders pattern suggesting a continuation to the upside. This was confirmed on yesterdays breakout bar - which also broke above the recent pivot high. Volume was up on the bullish bar, too, which all points to a continuation of the uptrend.

Overall, volume is on the low side (which could affect liquidity) but otherwise a good long opportunity.