Intuitive Surgical Inc - (ISRG) - April 20, 2023
Intuitive Surgical (ISRG) jumped 10.9% yesterday after the release of a positive earnings report that indicted demand for its robotic surgery and diagnostic services is bouncing back post-pandemic. The shares jumped 37 positions in one day in the SIA NASDAQ 100 Index Report, jumping directly from the red zone back into the Green Favored Zone for the first time since January.
A big gap on big volume signals a surge in new interest for Intuitive Surgical (ISRG) shares. This major breakout signals the start of a new upleg in a recovery trend that started back in October and has already featured breakaway gaps, volume spikes, higher lows, and the snapping of multiple downtrend lines.
Measured moves suggest potential resistance tests near $325.00 and $345.00 followed by the $350.00 round number and previous peaks closer to $370.00. Initial support appears at the December high near $285.00.
Intuitive Surgical (ISRG) bottomed out back in October in a bear trap where it broke down by one row then launched back upward. An initial autumn surge snapped a downtrend line and signaled the start of a turnaround. A sizeable winter correction did not trigger a high pole warning and bottomed out at a higher low. This month, the shares have started to rally again, completing a bullish Double Top breakout and a Bullish Catapult.
Initial upside resistance appears near $325.82 based on a horizontal count, a round number test and a previous support level clustering together, followed by the 2021-2022 peak near $366.95. Initial support appears near $272.60 based on a 3-box reversal.
With a perfect SMAX score of 10, ISRG is exhibiting strength across the asset classes.
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