Hologic Looks Good on the Charts

 | Jun 27, 2017 | 9:37 AM EDT
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Hologic Inc. (HOLX) has doubled in the past three years, but the charts and indicators are in fine shape and capable, I believe, of supporting further gains in the weeks ahead.

Let's examine the latest charts and updated indicators to see where we can buy it and what we should risk.

In this daily bar chart of HOLX, above, we can see that HOLX is trading above its rising 50-day moving average line and above the rising 200-day moving average. Tests of the rising 200-day line in November and February were buying opportunities. The On-Balance-Volume (OBV) line is simple math -- if HOLX closes higher, you add the daily volume to a running total and if it closes lower, you subtract it.

The OBV line has been rising for the the past 12 months, telling us that buyers of HOLX have been more aggressive, with the volume of trading heavier on days when it has closed higher. The Moving Average Convergence Divergence (MACD) oscillator, a trend-following indicator, is pointed up from above the zero line. This is a bullish configuration for the oscillator.

In this weekly bar chart, above, we can see that prices are above the rising 40-week moving average line. The weekly OBV line has been rising since early 2016 confirming the price advance. The weekly MACD oscillator is bullish too.

In this Point and Figure chart of HOLX, above, we can see a long rise for this stock. A trade at $47 will be a fresh upside breakout. $54 is the next tentative price target.

Bottom line: traders could buy a shallow dip on HOLX towards $45 and then add on strength above $47. Risk a close below $43.50; $54 is our price objective.

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