Chart of the Day: This Bullpen Name Remains on Our Watchlist
We have our eye on the stock for a potential new position.
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After failing to hold support during a recent down move in price IDEXX Labs (IDXX) is trying to carve out a bottom. The stock, which currently resides in the Pro Portfolio Bullpen, remains under pressure by sellers, as the candles are purple/pink, which reflects bearishness in the GoNoGo composite of indicators.
Money flow, however, is starting to improve and is above zero, so it appears the recent drop in price has attracted some big money players. That is bullish (eventually), and why the stock has our attention.
MACD (moving average convergence divergence) crossed for a bull signal and momentum is starting to fade along with the ADX, which also tells us the downside movement is slowing.
All in all, we would like to add IDEXX at a point where we are comfortable that the stock is not going to fall any longer. We may be near that point, but more time needs to lapse before we consider adding it to the Portfolio.
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At the time of publication, TheStreet Pro Portfolio had no positions in any securities mentioned.
