SYK (Stryker Corp) offers an objective short entry on this breakdown below the minor price channel following the recent break below the much larger bearish rising wedge pattern. Price targets are T1 at 132.85, T2 at 129.42 & T3 at 124.10. The suggested stop is any move above 145.50 (or lower, if only targeting T1) & the suggested beta-adjusted position size is 0.85.
SYK daily Sept 21st
Stryker is one of several components of the IHI (medical devices ETF) that was covered in the recent videos on the medical device sector that stands out as a compelling swing trade at this time. Now that my high-speed internet has finally been (partially) restored after being out for over a week due to Hurricane Irma, I plan to resume video analysis of the markets & any sectors that stand out as compelling trading opps, possibly another video on the medical device stocks that stand out at this time. As such, additional trade ideas in this sector may be added soon.