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Possible Bearish Inside Day Candle Pattern Detected for Stryker Corp (NYSE:SYK)

By Shiri Gupta

SmarTrend's candlestick scanner has spotted a possible bearish inside day candle pattern in Stryker Corp (NYSE:SYK) based on the price action in the company's shares. Yesterday's price range of $214.18 and $220.51 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 Stryker Corp may want to consider a possible hedge in the event a pullback occurs. Look for confirmation in the next few trading days.

In the past 52 weeks, Stryker Corp share prices have been bracketed by a low of $144.75 and a high of $223.45 and closed yesterday at $217.09, 50% above that low price. In the last five trading sessions, the 50-day moving average (MA) has remained constant while the 200-day MA has risen 0.4%.

Stryker Corp (NYSE:SYK) is currently priced 17.3% above its average consensus analyst price target of $179.59. The stock should find initial support at its 50-day moving average (MA) of $216.21 and further support at its 200-day MA of $199.27.

Stryker Corporation develops, manufactures, and markets specialty surgical and medical products. The Company's products include implants, biologics, surgical, neurologic, ear, nose and throat and interventional pain equipment, endoscopic, surgical navigation, communications and digital imaging systems, as well as patient handling and emergency medical equipment.

SmarTrend is tracking the current trend status for Stryker Corp and will alert subscribers who have SYK in their portfolio or watchlist when shares have changed trend direction.

Keywords: bearish am inside day candle Stryker Corp

Ticker(s): SYK