Edwards Lifesciences Points Lower
Last December, I wrote that medical device manufacturer Edwards Lifesciences (EW) was a buy at $69.80. The stock had broken above an important resistance level at $67.50 and the momentum and money flow indicators were all moving higher. Over the next month, the stock gained 12%, and then dropped sharply in early February 2012 after a poor fourth-quarter earnings report. It pulled back to retest the $67.50 level in March and again in April, then surged 40% higher in May and June after breaking above a downtrend line and taking out its 21- and 50-day moving averages. The stock has been moving sideways in a narrow channel pattern since, and the technical picture is now pointing to lower prices.
...221 more words left in this article. To read them, just click below and try Real Money FREE for 14 days.
There’s no substitute for a trading floor to get great ideas, so Jim Cramer created a better one at Real Money and blogs there exclusively. We then added legendary hedge fund manager, Doug Kass, with his exclusive Daily Diary and best investing ideas. Staffed with more than 4 dozen investing pros, money managers, journalists and analysts, Real Money Pro gives you a flood of opinions, analysis and actionable trading advice found nowhere else, and allows you to interact directly with each expert.
Already a Subscriber? Please login.
