Cryolife is a richly valued medical device company and your fundamental research would be required to understand its growth vs. valuation. NFTRH+ is only about charts.
As you know, I’ve kept CRY on radar in the Charts & Notes segment periodically, using this weekly chart. Today it is getting hammered as it makes an acquisition (which can be reviewed at the link above). These types of hard drops usually do not reverse immediately, so there should be plenty of time to review the situation before jumping in, if applicable.
But the chart is quite plainly touching support that begins at around 20.
The daily chart instructs that the stock can continue down a bit further to where the support zone meets the lower uptrend channel line. It is conceivable that it could also decline to the rising SMA 200 (currently 18.78) and still maintain its uptrend with a higher low to the August low.
So again, the usual input applies. A miser can wait to see if the lower parameter comes about. Otherwise, the channel line and support area would be a reasonable place to take a shot. One might also buy a partial at the channel and then reserve funds for a test of the SMA 200.
A reasonable stop loss would be below the SMA 200 on a daily closing basis.
A final consideration is that my personal view of the market at this time is to fade it, not lever into it. So if I buy this it would be within the context of selling elsewhere and rebalancing a portfolio.
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.
