Chart of the week
Date: 01/04/2010
Symbol: SYK
Company Profile: Stryker Corporation, together with its subsidiaries, operates as a medical technology company worldwide. It operates in two segments,
Sector: Healthcare
Industry: Medical Instruments & Supplies
TRADING PLAN
Entry price: long above: 56.15
Stop price: stop under: 54.38 (55.50)
Target: 10 areas
Chart explanation: SYK formed weekly continuation pattern. Setup is above previous week high and stop is under previous week low. I will look for breakup on new high and if that will be case at Monday I will use stop under 55.50 (under previous low on 60 min time frame). Generally stop is under previous week low, but we need to follow intraday action too, what can increase reward. First resistance is at $57.50 and finally target will be at $60 resistance area. Also I will follow CCI on daily time frame what will give us breakout confirmation. As always it is important to follow breakout pace and volume
If anyone have any question or need update feel contact me over email or in the live trading room.
Wish you all good trading!!!
Kind regards
Ivica
http://www.ivicatradingcharts.com/
Date: 01/04/2010
Symbol: SYK
Company Profile: Stryker Corporation, together with its subsidiaries, operates as a medical technology company worldwide. It operates in two segments,
Sector: Healthcare
Industry: Medical Instruments & Supplies
TRADING PLAN
Entry price: long above: 56.15
Stop price: stop under: 54.38 (55.50)
Target: 10 areas
Chart explanation: SYK formed weekly continuation pattern. Setup is above previous week high and stop is under previous week low. I will look for breakup on new high and if that will be case at Monday I will use stop under 55.50 (under previous low on 60 min time frame). Generally stop is under previous week low, but we need to follow intraday action too, what can increase reward. First resistance is at $57.50 and finally target will be at $60 resistance area. Also I will follow CCI on daily time frame what will give us breakout confirmation. As always it is important to follow breakout pace and volume
If anyone have any question or need update feel contact me over email or in the live trading room.
Wish you all good trading!!!
Kind regards
Ivica
http://www.ivicatradingcharts.com/
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