Stryker (SYK) pushed to new highs this week. The medical equipment maker has consolidated for the first four months. The surge to new highs comes after a strong run over the last three weeks. While the stock will probably pull back a little her, this looks like one for the watch list.
The SCTR is moving above 75. The relative strength is soaring which will attract more investors. The volume has been surging lately so the interest is strong.
If it gets a little time to pull back, this looks set to continue its strong run.
Greg Schnell, CMT, MFTA
About the author:
, CMT, is a Senior Technical Analyst at StockCharts.com specializing in intermarket and commodities analysis.
Based in Calgary, he is a board member of the Canadian Society of Technical Analysts (CSTA) and the chairman of the CSTA Calgary chapter.
He is also the author of Stock Charts for Dummies