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. 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. With a bullish SMAX score of 7, TMO is exhibiting strength against the asset classes.
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