Beyond The Biotech Space - Stratasys, Ltd (NASDAQ: SSYS))

SSYS breaks another resistance

SSYS started a steady decline back in September that lasted until February. 

During that time the stock formed a very nice trendline of resistance, which was finally broken earlier in April. After breaking that level, SSYS made its back way to the $60 level that had not only been a prior support (blue), but it had also been a prior resistance (green) back in March. Now that the stock has broken above $60 too, higher prices should follow.

The Tale of the Tape

SSYS just broke back above $60. A long trade could be made at that level with a stop placed under it. However, a short trade could be considered on a break back below $60.

Before making any trading decision, decide which side of the trade you believe gives you the highest probability of success. Do you prefer the short side of the market, long side, or do you want to be in the market at all? If you haven’t thought about it, review the overall indices themselves. For example, take a look at the S&P 500. Is it trending higher or lower? Has it recently broken through a key resistance or support level? Making these decisions ahead of time will help you decide which side of the trade you believe gives you the best opportunities.

No matter what your strategy or when you decide to enter, always remember to use protective stops and you’ll be around for the next trade. Capital preservation is always key!

Good luck!

The Biotech Trader

Posted to The Biotech Trader on Apr 16, 2015 — 11:04 AM
Comments on this post have been disabled by the Maven.