Thursday, April 10, 2008
Get Short Intuitive Surgical (ISRG) @ $355 For Possible Double Top...
With ISRG now approaching its December 2007 high at $359.59, we like the risk/reward on a short position here at $355. On the charts we're looking for the possibility of a near perfect double top (see chart below) with a good 50 points downside as the 50% retracement of the move off the March lows at $255 to the April highs $359 gets us to $307. We will cover on any close above $360 as this would produce a vicious double top breakout on the charts. Hence, our risk is 5 points and our reward is ~50...we'll take it.
Subscribe to:
Post Comments (Atom)
2 comments:
Another great call Nostradamus, made a ton on this one :) Keep up the amazing work
i'd like to know what you think would happen to the price of oil if monday morning the USA announces they will drill off all of their coasts in an effort to become independent from the middle east with regards to oil...
Post a Comment