Waters Corporation $WAT has been percolating, but surged during the 1/23 session after the release of its Q4 earnings report. Here is a summary from StreetInsider.com:Waters Corp. (WAT) Tops Q4 EPS by 22c, Revenues Beat; Offers FY19 EPS Mid-Point Above ConsensusWaters Corp. (NYSE: WAT) reported Q4 EPS of $2.87, $0.22 better than the analyst estimate of $2.65. Revenue for the quarter came in at $715 million versus the consensus estimate of $704.25 million. ris O’Connell, Chairman and Chief Executive Officer of Waters Corporation, commented, “We were pleased to end 2018 on a high note, with improving performance in our key market categories, products, and geographies. This fourth quarter improvement was highlighted by strength in our pharmaceutical category, TA product line, and China. We are looking forward to building on this momentum in 2019 and expect to benefit from our new product cycle, headlined by yesterday’s BioAccord system launch.” GUIDANCE: Waters Corp. sees FY2019 EPS of $9.20-$9.45, versus the consensus of $9.21. Waters Corp. sees Q1 2019 EPS of $1.65-$1.75, versus the consensus of $1.73.WAT Daily Chart(click to enlarge)Breakout After a Year of Consolidation:- WAT consolidated throughout 2018. - It began to shake out of the consolidation around October. - After an initial bearish breakout, price eventually recovered and was started to look bullish by mid-January 2019. - Still, price action was choppy. - Then the price clearly broke higher during the 1/23 session.Waiting for Pullback:- I don't like to chase these breakouts, especially in a generally tentative market. - At the end of the day, the earnings report was only slightly better than expected for both Q4 and guidance. - I would prefer to enter long if price pulls back into the $190-$200 area. - In this scenario, I would also monitor the RSI to anticipate support when it pulls back near 40.