MedTech Eye Care Name Setting up Coiled Breakout Near Highs
Alcon (ALC) shares of the eye care products distributor are showing great relative strength as the MedTech corner of the Healthcare sector looks primed to breakout higher amid rotations. ALC has coiled in its monthly value area the past 6 weeks since the big earnings gap up in May and now looks ready to clear the 91 level and move towards fresh 52-week highs that likely can target 94-95 short term with an eventual objective of the 100-round number as the weekly chart stays in a strong trend. ALC does not report earnings until mid-August and Goldman has a $100 target saying Alcon’s core businesses are delivering solid growth, supported by strong market positions and attractive end markets.