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Medical Device Leader Forming Explosive Bull Flag Breakout into New Year

by | Dec 25, 2023

Stryker (SYK) shares are nearing a bull flag breakout into space above the 300 level with the 2023 highs at 306.93 a likely target first. Friday the stock closed just above its monthly value high resistance of 296.50 and now looks poised to finish the year strong and very likely see a bigger timeframe breakout to multi year highs from this weekly chart coiled range. The 1.272 fib extension target on the weekly chart can be seen 322.50. SYK recently saw a massive bull open 2000 Jan. 2025 $350 calls for $12.20 on 12/11 and remains in open interest and has seen notable opening put sales this past week in March $280 and $270 short puts showing confidence at these levels.

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