This was obviously good news for shares of Thermo Fisher which closed with a one day gain of 4%. The question though is where the stock is headed from here.
The rally put shares of Thermo Fisher right at their prior 2010 highs, but not higher.
Should Thermo Fisher make a decisive close above $56.00 a share, it will be a breakout and likely result in considerably higher highs.
However if Thermo Fisher closes below $53.00 a share, the odds of lower lows will increase dramatically, with declines to support at $50.00 a share likely.
The Fibtimer.com (http://www.fibtimer.com) Stock Timing Strategy does not currently have a position in Thermo Fisher.