IDXX is forming a cup and handle breakout pattern. What's interesting is the cup's highs were long-term resistance at all-time-highs. So, a breakout leaves no resistance in the way of a rally. I added a trend-based Fibonacci extension to try and get a price target, and it printed between $300-$307.
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Trade closed manually
As expected, price action broke out higher than $291 with volume. Unfortunately, a correlated high magnitude market correction took place on Thursday and Friday, driving IDXX lower. The trade has been closed as the pattern was invalidated.
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Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.