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Quidel Corp. (Friday’s close US$95.00) rallied from US$18.25 in February, 2017, to US$77.62 in August, 2018, (A-B) above a rising trend-line (dashed line). It fell below these indicators in late-2018 (C) and then settled in a large triangle pattern made up of lower highs and higher lows for one year (dotted lines).

The stock had a breakout from this pattern in late-2019 (D), reached a recent high of US$106.56 (E), and is currently somewhat overbought; a minor correction may occur toward US$85-US$90. Only a sustained decline below the 40wMA (currently near $67-US$68) would be negative.

Point & Figure measurements provide a target of US$115. The large triangle pattern (dotted lines) supports higher targets.

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Monica Rizk is the senior Technical Analyst and Ron Meisels is the president of Phases & Cycles Inc. (www.phases-cycles.com). And he tweets at @Ronsbriefs. They may hold shares in companies profiled.

Chart source: www.decisionplus.com

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Tickers mentioned in this story

Study and track financial data on any traded entity: click to open the full quote page. Data updated as of 07/11/24 4:00pm EST.

SymbolName% changeLast
QDEL-Q
Quidelortho Corp
-2.78%38.85

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