The rounding weekly top suggests an upcoming major decline due to the outstanding correction for almost half a year. For almost half a year we have not seen any correction so that we can consider the market as heavily overbought.
Will be looking to enter a short here if we do fail teal controlled selling and see that magenta is in control. I expect price wants to come down to at least purple buying continuation to find support for a continued move upward.
Happy Trading :)
- TraderDaddyOG
Stryker Corp. (SYK) presently trading above key resistance, able to absorb weekly selling pressures.
A weekly settlement above this resistance zone would place (SYK) into a buy signal where gains of 20% would be expected over the following 3 - 5 months.
Inversely, failing to close above this resistance level on a weekly basis, or closing back below this...
NYSE:SYK - The market is trying to price in the impact of NYSE:NVO and NYSE:LLY GLP1's on treatments associated with diabetes and obesity. This has led to a broad drawdown across medical devices, with IHI medical devices ETF dropping about 10% this week.
Note the middle of this chart where I've compared IHI/NVO to SYK/NVO. SYK specializes in medical devices...
The PEAD projected a bullish outlook for NYSE:SYK after a negative over reaction following its earnings release placing the stock in drift C with an expected accuracy of 66.67%.
Stryker (NYSE:SYK), one of the world’s leading medical technology companies, today.
Stryker's Tornier Pyrocarbon Humeral Head is the first FDA-cleared pyrocarbon implant for shoulder hemiarthroplasty in the U.S.
You can see on the chart how (NYSE:SYK) is coming up from the accumulated position!
Idea
Long 289
Profit 311
Stop 280
Risk/Reward 2.66
RS ratio and OBV already broke out and are near highs.
I added today for the CMT Investment Challenge in anticipation of the breakout above $280.
If it breaks that resistence level I'll buy for my personal portfolio.
The PEAD projected a Bullish outlook for $SYK after a Positive Under reaction following its earnings release placing the stock in drift A with an expected accuracy of 88.89%.
The PEAD projected a Bullish outlook for $SYK after a Negative over reaction following its earnings release placing the stock in drift C with an expected accuracy of 60%.
The PEAD projected a Bullish outlook for $SYK after a Positive over reaction following its earnings release placing the stock in drift B with an expected accuracy of 50%.
The PEAD projected a Bearish outlook for $SYK after a Negative Under reaction following its earnings release placing the stock in drift D with an expected accuracy of 50%.
On the weekly charts, SYK's initial uptrend was broken in end Feb 2020 when major moving averages turned the trend around. Prices tanked significantly and kudos to you if you managed to catch the strong reversal in Sep 2020. It's time for traders and investors to take a pause at this point as we carry on into May 2022. I'm looking and waiting for confirmation of...
This stock has been like gold. Buy it and forget it....Automatic right?
This formation has me worried about the overall market. Not too much time I'm afraid... because if the formation goes to completion on this stock....well you forget about all the other stocks in the market universe.
The PEAD projected a Bullish outlook for $SYK after a Negative over reaction following its earnings release placing the stock in drift C with an expected accuracy of 50%.
