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

By Shiri Gupta

SmarTrend's candlestick scanner has spotted a possible bearish inside day candle pattern in Stryker (NYSE:SYK) based on the price action in the company's shares. Today's price range of $116.98 and $118.09 is within yesterday'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 may want to consider a possible hedge in the event a pullback occurs. Look for confirmation in the next few trading days.

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

In the past 52 weeks, shares of Stryker have traded between a low of $86.68 and a high of $123.55 and are now at $117.05, which is 35% above that low price. Over the past week, the 200-day moving average (MA) has gone up 0.2% while the 50-day MA has advanced 0.8%.

Stryker (NYSE:SYK) defies analysts with a current price ($117.05) 7.5% above its average consensus price target of $108.29. The stock should discover initial support at its 50-day moving average (MA) of $106.63 and subsequent support at its 200-day MA of $99.25.

SmarTrend is monitoring the recent change of momentum in Stryker. Please refer to our Company Overview for the results of our proprietary technical indicators that have been scanning shares of Stryker in search of a potential trend change.

Keywords: bearish inside day candle Stryker

Ticker(s): SYK