Earnings Play: Agilent Technologies

Upside breakout from a short-term falling wedge pattern.

On Monday, after market, Agilent Technologies (A) is anticipated to release fourth quarter EPS of $0.92 compared to $0.89 a year ago on revenue of approximately $1.4 billion, in line with last year. Agilent is an international life sciences and diagnostics company, and on November 13th, the Co announced that it received approval from the U.S. Food and Drug Administration (FDA) for the use of its PD-L1 IHC 22C3 pharmDx as a diagnostic aid in the identification of triple-negative breast cancer and other conditions. 

Technically speaking, on a daily chart, Agilent's stock price has been in a strong uptrend since mid-March. Today, price opened above the upper trendline of a short-term falling wedge pattern that price has been declining within since November 9th, after the stock made a record high of 117.50. The simple moving averages (SMA) are set-up in a bullish manner, with the 20-day SMA above the 50-day SMA and the 50-day SMA above the 200-day SMA. The RSI is over 50 and pointing upwards. Price will likely advance towards its all-time high of 117.50. If price can breakout to the upside of 117.50, then its next target would be 132.75. If price retreats then investors should look for a rebound off of 100.50. If price breaks out below 100.50 it would be a bearish signal that could send price tumbling back to 93.00.         

Source: GAIN Capital, TradingView

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