Fundamentals: CONMED Corporation, a medical technology company, develops, manufactures, and sells surgical devices and related equipment for minimally invasive procedures
Technicals: CNMD ignored recent rally in SPY, showing that it is relatively weaker. We are in major Head&Shoulders pattern with major support (neckline) at $36. Price has built a bear flag and break lower can lead us to this major support and probably break down.
Trade and Risk Management: Break of $38.80 will trigger an entry Short with tight stop above $40. Potential target is $34.30