Notes:
* Solid earnings in the recent quarters
* Strong up trend in the long term
* Broke out of a base on base pattern
* Initially created a base of ~9 months, broke out and created a smaller base of ~4 week and is now breaking out again
* The ~9 month base was just above historical highs of $73.19 setting it as support
* Making new all-time-highs
* For the past 3 weeks it has been testing $87.55 as a new level of support with the volume drying up indicating that buyers and sellers are agreeing on this price
Technicals:
* Sector: Healthcare - Medical Distribution
* Relative Strength vs. Sector: 2.11
* Relative Strength vs. SP500: 5.05
* U/D Ratio: 1.79
* Base Depth: ~19.68%
* Distance from breakout buy point: 2.25%
* Volume 1.04% above its 15 day avg.
Trade Idea:
* You can look to enter now as the price is still pretty close to the broken level of $87.55
* Manage risk under $87.55
* If you're looking for a better entry you can look to buy around $88.72.
* Solid earnings in the recent quarters
* Strong up trend in the long term
* Broke out of a base on base pattern
* Initially created a base of ~9 months, broke out and created a smaller base of ~4 week and is now breaking out again
* The ~9 month base was just above historical highs of $73.19 setting it as support
* Making new all-time-highs
* For the past 3 weeks it has been testing $87.55 as a new level of support with the volume drying up indicating that buyers and sellers are agreeing on this price
Technicals:
* Sector: Healthcare - Medical Distribution
* Relative Strength vs. Sector: 2.11
* Relative Strength vs. SP500: 5.05
* U/D Ratio: 1.79
* Base Depth: ~19.68%
* Distance from breakout buy point: 2.25%
* Volume 1.04% above its 15 day avg.
Trade Idea:
* You can look to enter now as the price is still pretty close to the broken level of $87.55
* Manage risk under $87.55
* If you're looking for a better entry you can look to buy around $88.72.