worldsapart89

NUVA is oversold & will be recovering from post-ER overreaction

Long
NASDAQ:NUVA   None
On the daily chart, MACD and price have diverged nicely. On the weekly, stochastic is showing oversold. We are also at the .618 fib level from 52 week high. I'm going to call bottom between 52 and 54 before we start recovering. Also 35% retracement looks similar to February of last year.

OIG subpoena is only related to one customer and will have a small effect. Management changes are short-term hurdles that the market will forget soon. The company recently released LessRay which offers reduced radiation in imaging. They also bought out Vertera Spine.

Vanguard picked up 4.1 million shares recently with many other institutions increasing their positions. Average TP is 79.67 across 19 analysts which is also pretty good.
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