A couple days ago we noted that MZOR was bullish despite a wobbly Medical Device sector, including especially, Medtronic (MDT), which led the sector to its recent weakened state.
I did something uncharacteristic of me, which is to hold MZOR despite the big momentum on no news, in hopes that the big upside was just some crooks with inside info doing what they do. Well, today we find out that Medtronic has made its next investment in Mazor Robotics as sales of the Mazor X system are ahead of projections. I mean, this is a seriously massive medical device company taking a robotic upstart seriously.
The chart is turning the bullish Symmetrical Triangle into a bullish Ascending Triangle, assuming the top line resistance ends up holding; and if it doesn’t hold it’s a blue sky breakout. So as with GILD, I am holding for now, pending the broad stock market view.
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