When we last wrote about Quidel Corp. (QDEL) , back on March 24, we said, "Traders who are comfortable with risk could consider buying QDEL closer to $85 if available. Risk a close below $80 while setting the $145 area as your potential price target." Prices got close to $144 Monday so a fresh look at the charts is in order.
In the updated daily Japanese candlestick chart of QDEL, below, we can see that price dipped in late March to allow traders to go long at $85 or better. Prices quickly rallied to our target area and we can see some upper shadows above $140.
The On-Balance-Volume (OBV) line has leveled off suggesting a balance between buyers and sellers. The Moving Average Convergence Divergence (MACD) oscillator has been narrowing, telling us that the strength of the trend is waning.