Ref. the previous post on BSX (a former NFTRH+ highight) and the recent breakout we have noted in the Medical Device ETF, IHI. Medtronic (MDT) is a competitor to Boston Scientific over part of its product line (stents). Please feel free to do funda research on the company if interested. As to the chart…
MDT daily shows a breakout into blue sky, not unlike that of the MD sector. Support is a well defined 76 to 77.50. The daily pattern began forming in late 2015 and targets 84.
The weekly shows another pattern, which is longer-term (began forming in early 2015). If things continue to go bullishly for the sector, which as noted is a fairly defensive one, this pattern targets 87.
Buy Target: 76 to 77.50 (I bought it for portfolio strategy reasons, not for short-term trading, but will observe stop loss or may sell if the sector view changes).
Sell Target: 84 or 87 (or anywhere profit is satisfactory).
Stop Loss: Below 74 and the SMA 200.
A reminder that chart based NFTRH+ updates are technical trade setup ideas, which may not be revisited as the buy, sell, stop parameters are already noted. They are meant as a starting point for further research if interested. I will not personally buy every item highlighted and will sometimes sell – without prior notice (because this takes time and resource away from NFTRH’s main functions) – any item that I do buy, below target, which is something I often do as a trader. Also please be aware that I am not a fundamental stock analyst. Due diligence is your responsibility.
