Medical Device Name Quietly Forms Bull Flag Near Highs
Stryker (SYK) shares of the medical device maker closed the week strong with a bull candle Friday just above monthly value area resistance near 365. The stock reported solid top and bottom-line beats in Q3 but pulled back into range as guidance was conservative. Even so the stock looks poised to breakout to highs north of 370 and likely target fib extension levels at 382.50 and then 393. SYK has been climbing higher steadily in the Medtech group and is up 23% YTD now. SYK doesn’t see a lot of options flows but still has a large 2k January $350 call buyer in open interest which has doubled already and still holding.