Good Prognosis for St. Jude Medical

St. Jude Medical (STJ) surged 2.5% to close at $65.76 Wednesday on very brisk trade. The medical-equipment maker's shares saw their heaviest upside volume since early February. This news-inspired ramp pushed shares past a heavy layer of resistance near the $64.50 area. With STJ well off overbought levels with today's rally, new 52-week highs appear very likely soon.

STJ Source: FreeStockCharts.com View Chart » View in New Window »

Last year was huge for St. Jude. The stock rallied more than 70% in 2013 from the Dec. 31, 2012, close. STJ began to run out of steam in December of last year but got a major boost as this year began. Shares surged more than 10% in the first two weeks of the month with the help of a powerful accumulation wave. The stock finally reached a significant peak on May 13 with a downside reversal. STJ has been in consolidation mode since then. The first phase featured a steep selloff in the second half of January. After bottoming in early February the stock rallied back up to the January top. The second phase began with a new high in March, one that was reached on very light trade. STJ struggled over the next six weeks before bottoming in mid-April. A very volatile session on May 16 (1Q earnings report) marked the low of the second pullback....142 more words left in this article. To read them, just click below and try Real Money FREE for 14 days.

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