With a 12.9% gain in the last week, medical implant producer Abiomed (ABMD) has moved back up to top spot in the Green Favored Zone of the SIA S&P 500 Index Report.
Since bottoming out in March, Abiomed (ABMD) shares have been under accumulation, establishing an uptrend of higher lows, staging multiple pattern breakouts and completing a bullish Golden Cross on their way from near $130 toward $300. Next potential resistance appears near $320 where multiple measured moves converge, followed by previous support/resistance near $340 and $360. Initial support appears near $280, a previous resistance level.
Abiomed (ABMD) shares have been under strong accumulation since March, advancing from near $130 toward $300 with only one 3-box correction along the way. Earlier this month, the shares completed a bullish Double Top breakout which signaled the start of the current upleg.
A breakout over $301.50 would confirm continuing investor interest with next potential resistance on trend in the $339.50 to $346.25 area where a horizontal count and previous column high converge, followed by $367.45. Initial support appears near $273.00 based on a 3-box reversal.
With a perfect SMAX score of 10, ABMD is exhibiting near-term strength across the asset classes.
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