Is Intuitive Surgical Closing in to Resistance?
Published on Thursday, 31 January 2013 09:12 Written by TradersHuddle Wire
New York, January 31st (TradersHuddle.com) - Shares of Intuitive Surgical, Inc. (NASDAQ:ISRG) are trading very close to calculated resistance at $583.45. The stock ended the trading session at just $573.00, which is near levels that make it difficult to buy or start a position.
Intuitive Surgical, Inc. (NASDAQ:ISRG), together with its subsidiaries, engages in the design, manufacture, and marketing of da Vinci surgical systems for use in urologic, gynecologic, cardiothoracic, general, and head and neck surgeries. The da Vinci systems is the breakthrough platform for robotically assisted minimally invasive surgery.
Intuitive Surgical's stock range is defined by its calculated support defined at $485.80 and by the resistance level at $583.45; the stock is clearly over-extended from support, making it harder for participants to establish fresh longs.
Traders don't have a clear entry point for Intuitive Surgical. However, as the stock pulls back towards $485.80 it will definitely provide a reference point to establish a trade. On the other hand, if the stock breaks above its resistance level at $583.45 then traders will get an opportunity to enter the stock as it moves to a higher range.
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