Baxter International couldn't break the pivot resistance and pulling back
BAX at current price, and mention would consider option play. Target: Momentum (Long-term)
As always an uptrend and a pullback by a good bullish candle as a trigger
BAX gapped down after a poor earnings announcement & has been trying to bottom since. The stock is still oversold but is trying to find some strength. It won't take much to bump into gap resistance but if it can get passed that it can get back to the $87 range.
It is an interesting observation to see that Loeb, a man who's lineage derives from a family with 100's of years of banking experience, waited for the deadcat bounce to sell those 8 million shares. It was very good timing. You could also say that his reaction was just the most common sense thing to do at the time considering the market was in freefall, but...
A Cup and Handle pattern is setting up in BAX. We could see higher prices in future.
BAX is approaching support where a potential bounce to its resistance could occur.
The previous high at 78.51shall be a support now from which another attempt upward may begin.
BAX is approaching our first support at 70.38 (horizontal overlap support, 23.6% fiboancci retracement, 61.8% fiboancci extension) where a strong bounce might occur above this level pushing price up to our major resistance at 74.33 (76.4% fibonacci retracement). RSI (89,5,3) is also seeing a bullish exit where we might see a corresponding rise in price.
BAX is approaching our first resistance at 70.14 (horizontal overlap resistance, 100% fibonacci extension, 50% fibonacci retracement) where a strong drop might occur below this level pushing price down to our major support at 61.09 (horizontal swing low support, 38.2% fibonacci retracement). RSI (55) is also approaching resistance where we might see a...
BAX is approaching support at 64.20 (61.8% Fibonacci extension, 61.8% Fibonacci retracement, horizontal overlap support) where it could potentially rise to its resistance at 67.52 (horizontal swing high resistance). Stochastic (55, 5, 3) is approaching it support and a bullish divergence with price has been identified.
BAX is approaching its resistance at 69.27(61.8% & 100% Fibonacci extension, 50% Fibonacci retracement, horizontal swing high resistance) where it could reverse down to its support at 64.70 (61.8% Fibonacci retracement, horizontal swing low support). Stochastic (55, 5, 3) is approaching its resistance at 96% where a corresponding reversal could occur.
BAX reversed off its resistance at 70.14 (100% Fibonacci extension, 50% Fibonacci retracement, horizontal overlap resistance) where price could fall further to its support at 64.90 (61.8% Fibonacci retracement). Stochastic is pproaching its resistance at 97% where a corresponding drop could occur.
uptrend ,,, a pullback ,,, nice candles ,,, buying