Fundamentals:
CONMED Corporation, a medical technology company, develops, manufactures, and sells surgical devices and related equipment for minimally invasive procedures
Technicals:
$CNMD ignored recent rally in $SPY, showing that it is relatively weaker. We are in major Head&Shoulders pattern with major support (neckline) at $36. Price has built a bear flag and break lower can lead us to this major support and probably break down.
Trade and Risk Management:
Break of $38.80 will trigger an entry Short with tight stop above $40. Potential target is $34.30
CONMED Corporation, a medical technology company, develops, manufactures, and sells surgical devices and related equipment for minimally invasive procedures
Technicals:
$CNMD ignored recent rally in $SPY, showing that it is relatively weaker. We are in major Head&Shoulders pattern with major support (neckline) at $36. Price has built a bear flag and break lower can lead us to this major support and probably break down.
Trade and Risk Management:
Break of $38.80 will trigger an entry Short with tight stop above $40. Potential target is $34.30
