STRYKER CORP (NYSE:SYK) Technical Analysis observations.

Our stockscreener has identified a possible breakout setup on STRYKER CORP (NYSE:SYK). This occurs when the stock consolidates following a significant upward movement. While the breakout outcome cannot be guaranteed, it may be worth monitoring NYSE:SYK for potential opportunities.

Deciphering the Technical Picture of NYSE:SYK

ChartMill assigns a Technical Rating to every stock. This score, ranging from 0 to 10, is updated daily and is determined by evaluating multiple technical indicators and properties.

We assign a technical rating of 9 out of 10 to SYK. Both in the recent history as in the last year, SYK has proven to be a steady performer, scoring decent points in every aspect analyzed.

• The long and short term trends are both positive. This is looking good!
• When comparing the yearly performance of all stocks, we notice that SYK is one of the better performing stocks in the market, outperforming 76% of all stocks.
• SYK is one of the better performing stocks in the Health Care Equipment & Supplies industry, it outperforms 78% of 202 stocks in the same industry.
• SYK is currently trading in the upper part of its 52 week range. The S&P500 Index however is currently trading near a new high, so SYK is lagging the market slightly.
• In the last month SYK has a been trading in a tight range between 285.79 and 301.37.

For an up to date full technical analysis you can check the technical report of SYK

How does the Setup look for NYSE:SYK

Next to the Technical Rating, the Setup Rating of a stock determines to which extend the stock is consolidating. This score also ranges from 0 to 10 and is updated daily. The setup score evaluates various short term technical indicators. For NYSE:SYK this score is currently 9:

SYK has an excellent technical rating and also presents a decent setup pattern. Prices have been consolidating lately. A pullback is taking place, which may present a nice opportunity for an entry. There is a resistance zone just above the current price starting at 303.54. Right above this resistance zone may be a good entry point. There is a support zone below the current price at 296.67, a Stop Loss order could be placed below this zone. Very recently a Pocket Pivot signal was observed. This is another positive sign.

Trading setups like NYSE:SYK

One way to play this would be to wait for the actual breakout to happen and buy when the stock breaks out above the current consolidation zone. A possible place for a stop loss would be below this zone.

This article should in no way be interpreted as trading advice. You should always make your own analysis and trade or not trade based on your own observations and style. The article is based purely on some technical observations.

More breakout setups can be found in our Breakout screener.

Keep in mind

This is not investing advice! The article highlights some of the observations at the time of writing, but you should always make your own analysis and invest based on your own insights.