DoozyTrader

IDXX Labs Settings Up For a Cup-Handle Breakout

Long
NASDAQ:IDXX   IDEXX Laboratories, Inc
NASDAQ: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.