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

By Amy Schwartz

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 $166.51 and $169.93 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.

Stryker Corp share prices have moved between a 52-week high of $226.30 and a 52-week low of $124.54 and closed yesterday at 42% above that low price at $176.43 per share. In the last five trading sessions, the 50-day moving average (MA) has fallen 1.4% while the 200-day MA has slid 0.3%.

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 has overhead space with shares priced $176.43, or 1.8% below the average consensus analyst price target of $179.59. The stock should run into initial resistance at its 50-day moving average (MA) of $185.01 and subsequent resistance at its 200-day MA of $204.44.

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

Keywords: bearish am inside day candle Stryker Corp

Ticker(s): SYK