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Possible Bearish Inside Day Candle Pattern Detected for Intuitive Surgical (NASDAQ:ISRG)

By Shiri Gupta

SmarTrend's candlestick scanner has spotted a possible bearish inside day candle pattern in Intuitive Surgical (NASDAQ:ISRG) based on the price action in the company's shares. Yesterday's price range of $709.10 and $718.00 is within the prior day's high and low of the day. This trading action often signifies indecision by bulls and bears to drive prices higher or lower and often implies a possible change in trend. Owners of Intuitive Surgical may want to consider a possible hedge in the event a pullback occurs. Look for confirmation in the next few trading days.

Intuitive Surgical (NASDAQ:ISRG) is currently priced 17.9% above its average consensus analyst price target of $582.80. The stock should discover initial support at its 50-day moving average (MA) of $602.64 and subsequent support at its 200-day MA of $538.99.

In the past 52 weeks, Intuitive Surgical share prices have been bracketed by a low of $447.00 and a high of $720.01 and closed yesterday at $710.22, 59% above that low price. Over the past week, the 200-day moving average (MA) has gone up 0.5% while the 50-day MA has advanced 0.9%.

Intuitive Surgical, Inc. design, manufactures and markets surgical systems. The Company's surgical system controls Intuitive Surgical endoscopic instruments, including rigid endoscopes, blunt and sharp endoscopic dissectors, scissors, scalpels, forceps/pickups, needle holders, endoscopic retractors, electrocautery, ultrasonic cutters, and accessories during surgical procedures.

SmarTrend recommended that subscribers consider buying shares of Intuitive Surgical on February 26th, 2016 as our proprietary SmarTrend analytics indicated a new Uptrend was in progress when shares hit $563.55. Since that recommendation, shares of Intuitive Surgical have risen 26.0%. We continue to monitor ISRG for any potential shift so investors can protect gains and will alert SmarTrend subscribers immediately.

Keywords: bearish am inside day candle intuitive surgical

Ticker(s): ISRG