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

Published on Mon, 01/28/2013 - 08:28
By Peter Chu

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 $572.27 and $580.80 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.

There is potential upside of 7.0% for shares of Intuitive Surgical based on a current price of $577.82 and an average consensus analyst price target of $618.00. The stock should find initial support at its 200-day moving average (MA) of $524.88 and further support at its 50-day MA of $520.86.

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.

Over the past year, Intuitive Surgical has traded in a range of $320.00 to $594.89 and closed yesterday at $577.82, 81% above that low. In the last five trading sessions, the 50-day moving average (MA) has climbed 0.4% while the 200-day MA has remained constant.

By Peter Chu