Idexx Laboratories (IDXX) is looking like an interesting pick from a technical perspective, as the company reached a key level of support. Recently, IDXX broke out above the 50-day moving average, suggesting a short-term bullish trend.
One of the three major moving averages, the 50-day simple moving average is commonly used by traders and analysts to determine support or resistance levels for different types of securities. However, the 50-day is considered to be more important since it’s the first marker of an up or down trend.
IDXX could be on the verge of another rally after moving 6.8% higher over the last four weeks. Plus, the company is currently a Zacks Rank #3 (Hold) stock.
Looking at IDXX’s earnings estimate revisions, investors will be even more convinced of the bullish uptrend. There have been 1 higher compared to none lower for the current fiscal year, and the consensus estimate has moved up as well.
With a winning combination of earnings estimate revisions and hitting a key technical level, investors should keep their eye on IDXX for more gains in the near future.
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