Thermo Fisher Scientific Inc. - (TMO) - July 29, 2022 (Daily Stock Report)

by SIACharts.com

 

 

Thermo Fisher Scientific (TMO) continues to steadily climb up the rankings in the SIA S&P 100 Index Report, continuing a relative strength uptrend that started in the red zone in March. Since returning to the Green Favored Zone last month, the shares are up 10.5%. Yesterday, TMO moved up 4 positions to 10th place and it is up 12 spots in the last month.

A major breakout is underway this week in Thermo Fisher Scientific (TMO) shares. A steady downward trend that dominated the first half of this year bottomed out in June when selling was finally contained by support near the $500 round number. The shares then spent a month base building between $500 and $560 and snapped the previous downtrend line. This week, TMO has decisively broken out to the upside, taking a run toward the $600 round number.

Initial potential upside resistance tests appear at the March high near $620 then the December peak near $670. Initial support has moved up into the $560-$570 area.

 

An eight-month downtrend in Thermo Fisher Scientific (TMO) shares bottomed out in June when a bearish triple bottom breakdown failed after only one row, a classic bear trap reversal. The shares have been on the rebound in July, completing a bullish Double Top breakout, snapping a downtrend line and advancing toward the $600.00 round number.Ā Based on previous column highs, initial upside resistance may appear near $621.25, then $672.45. Initial support appears near $551.60 based on a 3-box reversal.Ā With a bullish SMAX score of 7, TMO is exhibiting strength against the asset classes.

 

Disclaimer: SIACharts Inc. specifically represents that it does not give investment advice or advocate the purchase or sale of any security or investment whatsoever. This information has been prepared without regard to any particular investors investment objectives, financial situation, and needs. None of the information contained in this document constitutes an offer to sell or the solicitation of an offer to buy any security or other investment or an offer to provide investment services of any kind. As such, advisors and their clients should not act on any recommendation (express or implied) or information in this report without obtaining specific advice in relation to their accounts and should not rely on information herein as the primary basis for their investment decisions. Information contained herein is based on data obtained from recognized statistical services, issuer reports or communications, or other sources, believed to be reliable. SIACharts Inc. nor its third party content providers make any representations or warranties or take any responsibility as to the accuracy or completeness of any recommendation or information contained herein and shall not be liable for any errors, inaccuracies or delays in content, or for any actions taken in reliance thereon. Any statements nonfactual in nature constitute only current opinions, which are subject to change without notice.

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