Intuitive Surgical Upside Looming?
By TradersHuddle Staff
New York, December 1st (TradersHuddle.com) –Shares of Intuitive Surgical, Inc. (NASDAQ:ISRG) gained 0.32% to $435.59, with price action in the session Intuitive forming what is considered to be a bullish engulfing candle that could very well signal continuation of trend or reversal on ongoing weakness.
Intuitive Surgical, Inc. (NASDAQ: ISRG), together with its subsidiaries, engages in the design, manufacture, and marketing of da Vinci surgical systems for use in urologic, gynecologic, cardiothoracic, general, and head and neck surgeries. The Da Vinci system is the breakthrough platform for robotically assisted minimally invasive surgery.
A trough has formed the stock's recent range where calculated support was defined at $410.37 and by a peak that established the resistance level at $449.06, which could be used by traders planning their trades.
Traders wanting to establish a position in Intuitive Surgical or traders that are already holding the stock can use the bullish engulfing pattern to their advantage. The pattern provides a defined risk as it shows where the bears were able to push the stock down, before the bulls stepped in.
The bullish engulfing pattern is a leading indicator that provides an alert to the bulls that the trend will continue or that there is an immediate reversal to the short-term weakness seen on the stock.
Below an Engulfing Bullish Candle Illustration:
