Possible Bearish Inside Day Candle Pattern Detected for Idexx Laboratories (NASDAQ:IDXX)
SmarTrend's candlestick scanner has spotted a possible bearish inside day candle pattern in Idexx Laboratories (NASDAQ:IDXX) based on the price action in the company's shares. Yesterday's price range of $88.65 and $89.98 is within the prior day's high and low of the day. This trading action often signifies indecision by bulls and bears to drive prices higher or lower and often implies a possible change in trend. Owners of Idexx Laboratories may want to consider a possible hedge in the event a pullback occurs. Look for confirmation in the next few trading days.
IDEXX Laboratories, Inc. provides diagnostic, detection, and information systems for veterinary, food, and water testing applications. The Company also operates an international network of veterinary reference laboratories. IDEXX offers its products to customers worldwide.
Idexx Laboratories share prices have moved between a 52-week high of $91.94 and a 52-week low of $56.74 and closed yesterday at 57% above that low price at $88.88 per share. Over the past week, the 200-day moving average (MA) has gone up 0.6% while the 50-day MA has advanced 1.4%.
Idexx Laboratories (NASDAQ:IDXX) is currently priced 23.5% above its average consensus analyst price target of $68.00. The stock should discover initial support at its 50-day moving average (MA) of $78.79 and subsequent support at its 200-day MA of $73.44.
SmarTrend recommended that subscribers consider buying shares of Idexx Laboratories on February 22nd, 2016 as our proprietary SmarTrend analytics indicated a new Uptrend was in progress when shares hit $71.77. Since that recommendation, shares of Idexx Laboratories have risen 23.8%. We continue to monitor IDXX for any potential shift so investors can protect gains and will alert SmarTrend subscribers immediately.
Keywords: bearish am inside day candle idexx laboratories