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

By Shiri Gupta

SmarTrend's candlestick scanner has spotted a possible bullish inside day candle pattern in Stryker Corp (NYSE:SYK) based on the price action in the company's shares. Yesterday's price range of $193.17 and $193.60 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. Traders and investors interested in shares of Stryker Corp may want to consider an appropriate entry level in the event a reversal to the upside transpires. It is important to look for confirmation.

In the past 52 weeks, shares of Stryker Corp have traded between a low of $144.75 and a high of $199.85 and closed yesterday at $193.42, which is 34% above that low price. Over the last five market days, the 200-day moving average (MA) has gone up 0.2% while the 50-day MA has advanced 0.5%.

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.

Stryker Corp (NYSE:SYK) defies analysts with a current price ($193.42) 7.1% above its average consensus price target of $179.59. The stock should discover initial support at its 50-day moving average (MA) of $190.48 and subsequent support at its 200-day MA of $173.76.

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: bullish am inside day candle Stryker Corp

Ticker(s): SYK