A Picture Perfect Ascending Triangle Breakout in a Near Picture Perfect Sector

The Medical Device sector is and has been our (NFTRH’s) favored sector for what is now years. And though I am a chart jockey, it is not only for technical reasons. As a former manufacturing guy with a customer base full of these companies (directly and indirectly Boston Scientific, Intuitive Surgical, Abbott Labs, GE Medical, Waters and more) I know that the sector has historically ridden out economic soft patches and recessions much better than the average economic segment.

Anyway, here is SYK, a stock that I do not hold, breaking out of an Ascending Triangle.

syk

And here is the Medical Device (actually Equipment too) iShares of which the above is a component, in a less mature version of the same stance. I hold several components of this ETF.

ihi

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