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Possible Bearish Inside Day Candle Pattern Detected for Idexx Labs (NASDAQ:IDXX)

By David Diaz

SmarTrend's candlestick scanner has spotted a possible bearish inside day candle pattern in Idexx Labs (NASDAQ:IDXX) based on the price action in the company's shares. Yesterday's price range of $219.32 and $225.58 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 Labs 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.

In the past 52 weeks, shares of Idexx Labs have traded between a low of $166.26 and a high of $256.22 and closed yesterday at $219.43, which is 32% above that low price. In the last five trading sessions, the 50-day moving average (MA) has climbed 1.6% while the 200-day MA has remained constant.

Based on a current price of $219.43, Idexx Labs is currently 4.5% above its average consensus analyst price target of $209.57. The stock should find initial support at its 200-day moving average (MA) of $218.40 and further support at its 50-day MA of $207.48.

SmarTrend recommended that subscribers consider buying shares of Idexx Labs on January 15th, 2019 as our proprietary SmarTrend analytics indicated a new Uptrend was in progress when shares hit $193.41. Since that recommendation, shares of Idexx Labs have risen 13.5%. 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 labs

Ticker(s): IDXX