Possible Bearish Inside Day Candle Pattern Detected for Intuitive Surgical (NASDAQ:ISRG)

Published on Wed, 06/03/2015 - 07:32
By Adrienne Chilton in Candlestick, ISRG, bearish am inside day candle, intuitive surgical, nasdaq:isrg

Analysts have spotted a possible bearish inside day candle pattern in Intuitive Surgical (NASDAQ:ISRG) based on the price action in the company's shares. Yesterday's price range of $496.00 and $500.94 is within the prior day's high and low of the day. This trading action often signifies indecision by bulls and bears to drive prices higher or lower and often implies a possible change in trend. Owners of Intuitive Surgical may want to consider a possible hedge in the event a pullback occurs. Look for confirmation in the next few trading days.

Intuitive Surgical share prices have moved between a 52-week high of $594.89 and a 52-week low of $320.00 and closed yesterday at 56% above that low price at $499.13 per share. Over the last five market days, the 200-day moving average (MA) has remained constant while the 50-day MA has remained constant.

Intuitive Surgical, Inc. design, manufactures and markets surgical systems. The Company's surgical system controls Intuitive Surgical endoscopic instruments, including rigid endoscopes, blunt and sharp endoscopic dissectors, scissors, scalpels, forceps/pickups, needle holders, endoscopic retractors, electrocautery, ultrasonic cutters, and accessories during surgical procedures.

Potential upside of 14.7% exists for Intuitive Surgical, based on a current level of $499.13 and analysts' average consensus price target of $572.62. Intuitive Surgical shares should first meet resistance at the 200-day moving average (MA) of $499.81 and find additional resistance at the 50-day MA of $506.89.

By Adrienne Chilton
achilton@fnno.com

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