Thursday, July 24, 2008

Medical Equipment stamps some leadership; CryoLife

Medical devices came to the fore of my stocks scans yesterday (the complete list can be found in my newsletter). One of my former favorites, CryoLife (CRY), managed to break resistance yesterday on heavier volume.

Technicals are modestly bullish; MACD trigger and on-balance-volume 'buy' signals are tempered by the position of these signals below 6-month highs. Trend strength is weak (ADX < 20) so it has some work to do to build bullish momentum.

The point-n-figure chart pushed an ascending triple top breakout on Wednesday with a price target of $14.50, but one could look for a measured move target to $22 (set a stock alert for $22 and $14.50; use the latter price to take partial profits and raise the stop to breakeven)

Dr. Declan Fallon, Senior Market Technician, the free stock alerts, market alerts and stock charts website