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How to Trade Some of the Most Conspicuous Price Phenomena: Gaps and Windows

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Overview

“Gaps” (as they are called in the West) and “windows” (their Japanese counterparts) have always attracted the attention of technicians – most probably because they are nearly impossible to be missed on a price chart. After all, a trading session lying completely outside of the prior day’s range, which is what gaps and windows are by definition, must carry some kind of predictive power. However, a critical question remains – are gaps and windows indicative of the beginning of a new trend (as it was the case for AAPL in Figure 1), or are they simply an overreaction and are subsequently quickly filled (as it was the case for MMM in Figure 2)? Notice how in the former case the gap stayed opened (and it still is) for more than a year, whereas in the latter case the gap was filled/closed within two months (i.e. subsequent price action in September completely overlapped the range of the gap).

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Figure 1. AAPL Daily

Figure 2. MMM Daily

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Note, from here on, only the term “gap” is used, even though there is an important difference between the two – “gaps” look at intraday prices when determining if they are “filled”, whereas “windows” only look at “closing” prices. At the bottom of the article, you can find references to several works on the price phenomenon, in which the difference between the two variations is discussed in-depth.

Given that gaps occur quite frequently (see referenced materials for details), it is easy to understand how any “gap” strategy can be depicted to have predictive power. Most traditional books on technical analysis include a list of gap trading strategies followed by a few stellar charts that are supposed to prove the strategies’ validity (charts similar to Figures 1 & 2). Furthermore, given gaps’ conspicuous nature, most traditional trading strategies have their “entry” on the day the gap occurs (or Gap Day). For example, proponents of gaps being a continuation pattern would suggest that taking a position in the direction of the gap on Gap Day is profitable. On the other hand, technical analysts who believe that “all gaps get filled” suggest taking a position on Gap Day in the opposite direction of the gap. In both cases, action is taken on Gap Day.

After trading and analyzing gaps for many years, I was certain that traditional theories do not work the way they are described to. Probably the most illogical stipulation made by various technical authors was that “the gap itself should serve as support or resistance” and “once filled, gaps become insignificant”. On the contrary, I had found that the gap itself is rarely a strong support or resistance and that very often the most significant gaps are those that have already been filled. This is when, in 2016, I developed a new theory on gaps (“K-Divergence), which significantly “diverges” from traditional theories.

Before discussing what the K-Divergence theory entails, an explanation of the most popular traditional theories is presented.

Traditional Gap Theories

1. A gap is a continuation pattern.

Strategy – taking a position, on Gap Day, in the direction of the gap.

This theory is based on the idea that if, on any given day, prices jump/fall significantly enough to never touch the prior session’s price range, something significant must have occurred and changed the market’s sentiment on the company. In this case, on Gap Day, prices are assumed to reflect the changing opinion of the stock only partially, and thus, further movement in the direction of the gap is expected. In the case of AAPL’s gap (Figure 1), on February 1, 2017, the company reported better-than-expected 1Q17 earnings on the heels of record breaking iPhone sales. Subsequently, the price continued moving higher in a swift fashion, leaving the up-gap behind it. Often, proponents of this theory use support and resistance levels, or technical indicators, as a confirmation that the gap has occurred at an important juncture and that it can be trusted. For example, zooming out and looking at the stock’s price action since 2015 (Figure 3), traders who utilize gaps as continuation patterns can claim that “the breakout occurred above the interim high of the multiple bottom formation, and therefore, carried high predictive power”.

Figure 3. AAPL 2-Day Chart

2. A gap is an overreaction.

Strategy – taking a position, on Gap Day, in the opposite direction of the gap

Advocates of this theory are convinced that gaps are a result of market participants overreacting to news (or “noise”) and that once participation subsides, the gap is expected to get filled. The famous adage “all gaps get filled” is often used in an attempt to support this supposition. Similar to the previous strategy, support/resistance levels and technical indicators are expected to provide further confirmation if the particular gap is to be filled. For example, looking once again at the MMM chart (2-day chart – Figure 4), one may say that the down-gap took prices close to a well-established uptrend (green trendline) and to a key moving average (100 SMA – yellow line). Also, to further support the thesis that prices will reverse, one may point to the positive reversal in RSI (not to be confused with a positive divergence), which indicated that the correction has taken the stock to oversold levels during the uptrend (i.e. RSI making a lower low, while prices making a higher low).

Figure 4. MMM 2-Day Chart

The above two strategies are a perfect example of technical analysis being more of an “art” than “science”, where it is up to the technician’s discretion to decide what action to take after observing a gap. While, after testing both strategies (see K-Divergence section), I found that neither the simple continuation nor reversal strategies are profitable on a systematic basis, there are definitely specific situations where the probability of a gap reversing is higher and vice versa. Unfortunately, the next strategy, the one found in almost any TA book, is one of the reasons why technical analysis has a bad name among most non-technicians.

3. A gap could be either a continuation pattern or an overreaction based on its “classification”.

Strategy – an ambiguous one based on hindsight

As it had become evident that gaps cannot be all “continuation patterns” or “overreactions”, the popular gap classification system was born – where gaps are categorized as either “breakaway”, “continuation/runaway”, “exhaustion” and “common”. This classification is based on two criteria – 1) the location of the gap relative to preceding price action and 2) whether the gap gets filled or not. However, as one can imagine, there is no way to know on Gap Day whether a gap will be filled in the future. That is, the classification system is based on hindsight. Let’s prove this point by looking at an example. Figure 5 shows an up-gap after a prolonged uptrend. Based on the widely-used classification system this gap can be “runaway” (if the gap does not get filled and prices continue higher), “exhaustion” (if prices quickly reverse, fill the gap and continue lower) or even “common” (if prices fill the gap but do not reverse or consolidate). Given the colour of the candle and the long upper wick, it seems like it is an “exhaustion” gap, right?

Figure 5. Daily Chart (real chart, ticker hidden)

Clearly, it is only in hindsight that this gap can be classified. In this case, the gap turned out to be of the “runaway” type as it did not get filled and the stock (MSFT) continued propelling higher (Figure 6). The point is, the classification system is futile for making decisions on Gap Day.

Figure 6. MSFT Daily Chart

K-Divergence (K-Div) Theory

4. Most gaps occur after prices have moved away from a significant support or resistance levels.

Strategy – taking a position in the direction of the gap, only after prices have returned to pre-gap levels

More specifically, the theory suggests that in most cases an up-gap transpires after prices have already jumped from a key support level and a down-gap – after prices have already fallen from a key resistance level. The theory is based on the premise that before a gap occurs prices have already reached a key level and have bounced from it. It is only later on, after most market participants agree on the direction of the next move and take positions in the same direction that gaps occur. This means that it is not the gap itself that should serve as a support or resistance, but rather the range of prices preceding it (pre-gap range). The most important implications of the theory are – 1) the gap itself should not serve as support or resistance and 2) a filled gap is not “insignificant”.

So why does the K-Divergence make sense from a technical point of view? After all, if prices gapped due to “news” that nobody was aware of, this would mean that gaps are nothing more than prices adjusting to the new information. Any such conclusion should render fundamental and technical analysis useless, for it would imply that no analyst is able to purchase a security before news gets disseminated. On the contrary, the K-Divergence assumes that the most astute market participants (i.e. the best fundamental and technical analysts, quants and even “insiders”) are able to trade in advance of the gap occurring. Therefore, true support and resistance levels lie prior to the gap transpiring and subsequent filling of the gap does not render it “insignificant”.  It is best to illustrate this with an example. I will use one of my most recent predictions based on the theory, which was sent to one of my clients. First, I will describe the rational in detail with an updated chart (Figure 7), which will be followed by screenshots from the day the signal was given.

After the close on February 1, 2018, Google reported its 4Q18. The next day, the stock opened sharply lower and continued falling into the close (Feb 2 – Down Gap in Figure 7). The stock continued falling along with the market until the Feb 9 low was set. Subsequently, while NASDAQ was making new highs in early March, GOOG reached the pre-gap range (Bearish K-Divergence Range – violet horizontal trendlines) and started stalling. Due to the strong bounce by the broader markets, the stock recovered and filled the gap. However, when the stock started trading at the pre-gap range, market participants were given a second chance to sell the stock for the same price it was trading at before the 4Q18 earnings were released. Price action confirmed the bearishness of the set-up (GOOG March 13 & 16 – Figures 8 & 9).

Figure 7. GOOG Daily Chart

Figure 8. GOOG March 13

Figure 9. GOOG March 16

In order to validate the theory, I developed two trading strategies based on it (one with the gap and one with the window variation) and backtested them along with 5 variations of the traditional gap strategies discussed above. Figure 10 shows the 1-, 2-, 5-, 10-, 20-, 30- and 44-day period returns of the 7 strategies (#6 & 7 being the two based on the K-Divergence theory) and Figure 11 shows the annualized returns for the those same periods. The backtest took into account a total of 14,219 gaps over nearly a 2-year period.

Figure 10. 1-, 2-, 5-, 10-, 20-, 30- and 44-day period returns

Figure 11. Annualized 1-, 2-, 5-, 10-, 20-, 30- and 44-day period returns

The two K-Div strategies were profitable throughout all periods. The only other consistently profitable strategy was “Fading the Gap” strategy which entailed taking a position in the opposite direction of the gap on Gap Day, but closing it immediately after the gap was filled. This once again goes against traditional theories which suggest that once a gap is filled, prices should continue going against the gap’s direction as, supposedly, an important support/resistance was breached.

It is noteworthy that the K-Divergence theory does not suggest that all gaps have occurred after important support/resistance levels or that they can all be traded profitably in a similar fashion as the GOOG example. Rather, it provides a framework for analyzing the gap phenomenon, on that all active investors/traders should believe in, which assumes that some market participants are able to act ahead of major moves (i.e. prior to the appearance of gaps). Furthermore, it eliminates the use of the “hindsight” gap classification system.

For more on gaps, I recommend reading Julie R. Dahlquist and Richard J. Bauer’s “Technical Analysis of Gaps” book, where they conduct, one of the first on the topic, objective investigations of the phenomenon. For a much more in-depth coverage of the K-Divergence and my research on gaps, you can view my thesis for the Master of Financial Technical Analysis (MFTA) Program, published in the 2018 IFTA Annual Journal.

Conclusion

In the future, regardless of whether you look for opportunities to trade gaps on Gap Day (strategies 1 & 2) or decide to use the K-Divergence as part of your trading arsenal, I hope this article would make you think more critically the next time you hear terms such as the “runaway” gap. And even more importantly, will push you to analyze gaps even after they have been filled, and according to traditional theory, have become insignificant.

Happy gap trading.

Featured image courtesy of Shutterstock. 

Important: Never invest (trade with) money you can't afford to comfortably lose. Always do your own research and due diligence before placing a trade. Read our Terms & Conditions here. Trade recommendations and analysis are written by our analysts which might have different opinions. Read my 6 Golden Steps to Financial Freedom here. Best regards, Jonas Borchgrevink.

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4.8 stars on average, based on 12 rated postsPublished author of technical research. In his work on price “gaps”, published in the 2018 International Federation of Technical Analysts’ Annual Journal, he developed a new technical tool for analyzing and trading the “gap” phenomenon – the “K-Divergence” (http://ifta.org/public/files/journal/d_ifta_journal_18). Besides obtaining a Master in Financial Technical Analysis, he has completed a BBA and an MBA from the Schulich School of Business in Toronto and has completed all exams for the CFA, CMT and CFTe designations. Currently, providing research to investment management and financial advisory firms. http://www.linkedin.com/in/konstantindimov




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Trade Recommendation: Walt Disney

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Technical Overview

  • The Walt Disney Company has been a major laggard since topping in 2015 at $122.08. Until then, the stock had quadrupled since October 2011, finding support at a well-defined long-term trendline (green portion of upward-sloping trendline in Figure 1).
  • After the long-term trendline was broken to the downside, in January 2016, it turned into a resistance, halting the stock’s advance in 2016 (red arrow).
  • The $90 is a significant long-term horizontal support (bright blue horizontal trendline).

Figure 1. DIS 4-day Chart

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  • DIS often reverses after well-defined patterns are formed. Just in the last 2 years, the stock had reversed after forming an upward-sloping trading channel (purple trendlines in Figure 2) and 3 H&S patterns (bright blue trendlines and arrows).
  • For the past 2 months, the stock oscillated within a 5-dollar horizontal trading range ($97.70 to $102.70 violet horizontal trading range). Yesterday (May 16), the stock broke decisively above the upper boundary of the channel.

Figure 2. DIS Daily Chart

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  • The most significant technical development has been the formation of a large 3-year triangle (lower boundary of triangle – green trendline, upper boundary – red trendline, Elliot waves – A-B-C-D-E – in Figure 3). Wave E overshooting the lower boundary of the triangle, while remaining above the low of wave C, is a common occurrence of the final wave of the triangle. Note, the trendlines in Figure 3 should be drawn slightly differently if they were to connect the lows of the waves. This, however, has no implications as the slopes of the boundaries of the triangle are nearly identical irrespective of the way they are drawn.

Figure 3. DIS 2-day Chart

Implications

  • The breakout above the 5-dollar trading range activated an upside target of $107.70.
  • Due to the lack of major resistance areas between $107.70 and $110, the stock is expected to at least move up to $110.
  • If the large formation is indeed a triangle, a breakout above the upper boundary (red trendline) may lead to a sharp leg-up.

Outlook

  • Short-term bullish as long as the stock remains above the upper boundary of the horizontal trading channel (i.e. above $102.70). Neutral if the stock moves back within the trading channel. Short-term bearish below the lower boundary ($97.50).
  • Long-term neutral with a bullish bias within the large triangle. A break above the red trendline will shift the long-term outlook to outright bullish. Moderately bearish if the stock breaks the low of wave C ($96). Outright bearish if the stock breaks below $90.

Trade Recommendation

  • Buy half a position at current levels ($104.34 at EOD on May 17). Buy another half if the stock breaks the upper boundary of the triangle (currently at roughly $112).
  • Target: Half at $121 (just below prior all-time high). Half at $140 (projecting $30 from the point of the breakout).
  • Stop: A close below $96.

Disclosure: Small stock/call positions. May add to position at any time.

Featured image courtesy of Shutterstock.

Important: Never invest (trade with) money you can't afford to comfortably lose. Always do your own research and due diligence before placing a trade. Read our Terms & Conditions here. Trade recommendations and analysis are written by our analysts which might have different opinions. Read my 6 Golden Steps to Financial Freedom here. Best regards, Jonas Borchgrevink.

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4.8 stars on average, based on 12 rated postsPublished author of technical research. In his work on price “gaps”, published in the 2018 International Federation of Technical Analysts’ Annual Journal, he developed a new technical tool for analyzing and trading the “gap” phenomenon – the “K-Divergence” (http://ifta.org/public/files/journal/d_ifta_journal_18). Besides obtaining a Master in Financial Technical Analysis, he has completed a BBA and an MBA from the Schulich School of Business in Toronto and has completed all exams for the CFA, CMT and CFTe designations. Currently, providing research to investment management and financial advisory firms. http://www.linkedin.com/in/konstantindimov




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Trade Recommendation: Hologic

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Technical Overview

  • Hologic’s stock nearly quintupled from its 2009 low to its high in 2017. During the 2009 – 2014 period, the stock moved higher supported by a trendline connecting more than half-a-dozen important lows (support – green trendline; lows – green arrows in Figure 1, currently at roughly $28.50).
  • In 2014 the stock broke above the $24 level (orange horizontal trendline), and moved sharply higher over the next year.
  • After breaking above a short-term resistance in mid-2016 (red arrow), the stock has found support at the $35 level on 3 occasions (violet trendline and arrows).
  • An intermediate-term trendline has supported the stock during most pullbacks over the past year (bright blue horizontal trendline).

Figure 1. HOLX Weekly Chart

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  • The daily chart reveals two important price gaps. The up-gap in November’16 (green arrow in Figure 2) and the down-gap in August’17 (red arrow).
  • These gaps have created two K-Divergence ranges (bullish K-Div range – green horizontal trendlines; bearish K-Div range – red horizontal trendlines). The stock has bounced off the bullish K-Div range on two occasions.
  • Since the Feb 9 low, HOLX has oscillated within a 5-dollar range ($35 – $40 range boundaries –  lower green trendline and yellow trendline).
  • Today (May 16), the stock is breaking above a small flag (purple trendlines).

Figure 2. HOLX Daily Chart

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Implications

  • The stock is expected to retest $40 in the short-term.
  • Breaking $40 will give a $45 upside target (obtained from the horizontal trading range).
  • Breaking below $35 will negate all bullish developments.

Outlook

  • Short-term bullish after today’s move above the flag.
  • Intermediate-term neutral while trading within the flag. Bullish if broken to the upside (i.e. above $40).

 Trade Recommendation

  • Buy half a position at current levels ($38.70 at EOD on May 16).
  • Buy another half upon a close above $40.
  • Target: Half a position at $42.50. Remaining half at $46.
  • Stop: Sell upon a close below $35

Disclosure: No position but likely to initiate a long stock/call position tomorrow.

Featured image courtesy of Shutterstock.

Important: Never invest (trade with) money you can't afford to comfortably lose. Always do your own research and due diligence before placing a trade. Read our Terms & Conditions here. Trade recommendations and analysis are written by our analysts which might have different opinions. Read my 6 Golden Steps to Financial Freedom here. Best regards, Jonas Borchgrevink.

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4.8 stars on average, based on 12 rated postsPublished author of technical research. In his work on price “gaps”, published in the 2018 International Federation of Technical Analysts’ Annual Journal, he developed a new technical tool for analyzing and trading the “gap” phenomenon – the “K-Divergence” (http://ifta.org/public/files/journal/d_ifta_journal_18). Besides obtaining a Master in Financial Technical Analysis, he has completed a BBA and an MBA from the Schulich School of Business in Toronto and has completed all exams for the CFA, CMT and CFTe designations. Currently, providing research to investment management and financial advisory firms. http://www.linkedin.com/in/konstantindimov




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Most Interesting Assets on the U.S. Stock Market

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By Dmitriy Gurkovskiy, Chief Analyst at RoboMarkets

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This review comprises the stocks with the highest yield over the last 30 days.

 

STAAR Surgical Company (STAA)

STAAR Surgical Company was founded back in 1982. With its subsidiary companies, it develops, produces, and sells implantable ophtalmic lenses and systems for their implementation. Implantable lenses is a radical approach to treating such common vision disorders as myopia, long sight, astigmatism, and presbyopia. The company sells its products directly through its representatives in the UK, Germany, Spain, Canada, Singapore, the US, and Japan, and in 75 countries more through its independent resellers.

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Among STAAR’s subsidiaries, one can name Domilens Vertrieb fuer medizinische Produkte GmbH, STAAR Japan Inc, and STAAR Surgical AG. The company falls into Healthcare (Medical Instruments & Supplies) sector.

Over the last month, STAAR shares have grown by 70.36%. Such a growth was caused by the Q1 earnings report that showed so good result that the profit forecast drastically increased for the whole 2018, namely, from 2% all the way to 20%! This is also because of the good results in the Asian market.

In Q1 2018, STAAR net profit amounted to 0.6M USD, or $0.01 per share, against -$2.2M or $0.05 per share in Q1 last year. The biggest profit share was brought by Visian ICL, the product the company expects even more from moving forward. This product is very much like a regular contact lens implemented into an eye. This allows people with myopia or far sight to stop using contact lenses, which solves the so-called ‘dry eye’ issue. Implantable lens implementation is done by a physician, but costs far less than a regular eyesight recovery operation.

In 2018, STAAR is going to continue investing into Visian ICL clinical trials, which means more profit and good earnings reports in the future.

Technically, there is an ascending trend forming, with the price being above the 200-day SMA. The key resistance at $17 had been active since December but finally got broken out, while the immediate support is now at $22. There are no fresh resistance levels on the chart yet, as the price is at its highs since the stock’s inception. Short float is very low, at 2.36%, while the investment funds own over 79.9% of the shares and have not sold them recently.

 

PolarityTE, Inс. (COOL)

PolarityTE, Inс. is a biotech company founded back in 1998, developing regenerative tissue and biomaterials for medical purposes. PolarityTE results in regeneration are really unique.

PolarityTE technology is based on the patient’s healthy tissue which then creates a self-spreading product designed to strengthen and stimulating patient’s cells for regeneration purposes. Instead of making synthetic or third-party materials, PolarityTE uses patient’s tissue, which helps develop the regeneration process much better. The innovative PolarityTE method enables speeding up the recovery process.

Among the company subsidiaries, one can name Jesse M. Sutton Foundation, Majesco Entertainment, Zift Interactive LLC, and Paradigm Shift Universal, Inc. The company falls into Healthcare/Biotechnology sector.

Over the last month, PolarityTE share price went up by 51.93%, mainly because of its major product called SkinTE. Those who already tried it are very happy about it, which is an additional marketing stimulus for the company.

Here’s some feedback of one of the patients: ‘I damaged my skin badly in a motorbike accident a few years ago. The wounds were so serious that no medical care could help, as the skin just would not recover. Finally, they had to transplant the skin, but this lasted for a few months, while the wounds were bleeping, and when they took off the bandage, around 50% of the transplanted skin was left there. After that, I decided to use SkinTE, and just in a few weeks the skin fully recovered, including even the hair coat.’

More and more reviews like this one are coming in everyday. SkinTE helps recover skin after fire burns, chemical burns, lacerations, and other skin damages. The recovery process is much more speedy than regular one, and is very convenient. The company is using this good situation to find resellers in the East Coast in order to boost sales.

Until April, the stock was downtrending, but SkinTE news was a real game changer for PolarityTE, Inc, as it broke out the 200-day SMA, signaling for a newborn ascending trend.

Meanwhile, the investment funds’ PolarityTE buys grew by 14.23%, while the board members still have around 45% of shares and have not sold them recently.

Short float at 18.78% is an additional stimulus for the stock growth, as the bears have to close their positions, thus pushing the price higher.

The closest support that may be reached by a pullback is at $22, while the closest support is at around $30.

 

IntriCon Corporation (IIN)

IntriCon Corporation (IIN) was founded back in 1930, and is currently developing, producing and selling software for medical appliances, hearing kits, and audio communication devices. IntriCon also offers earsets for law enforcement institutions, aviation, and military, as well as small versions for musicians and security guards. IntriCon Corporation was formerly known as Selas Corporation of America.

Among the company subsidiaries, one can name EarVenture LLC, Hearing Help Express, Inc., IntriCon Datrix Corporation, IntriCon GmbH, IntriCon PTE LTD, IntriCon Tibbetts Corp, PC Werth Ltd, Resistance Technology, Inc., RTI Electronics, Inc., and RTI Technologies PTE LTD. The company stock falls into Industrial Goods (Industrial Electrical Equipment) category.

Over the Last month, IntriCon increased the investor profit by 50.76%, mostly because of the Q1 earnings report that exceeded expectations. The company’s net profit reached $25.4M, which is 19.6% bigger than last year (around $21.2M). The shareholders’ net profit in Q1 2018 was $769,000, or $0.10 per share, compared to -$270,000 or -$0.04 per share in Q1 2017.

This year, the company focuses on the hearing aid and continuous sugar monitoring devices. Both products are going to be very much in demand, as the ‘baby boomers’ are getting old but are still used to the gadgets that make their lives more comfortable.

Diabetes is one of the most serious problems in the US, as more and more elderly Americans get this diagnosis. In case such patients do not stick to the diet and workout plans, their health becomes worth further. Such people have to always control their sugar level, while the devices used for that purpose used to be large and difficult to use. IntriCon and Medtronic PLC (MDT) succeeded in making them more compact and easy to use, allowing the patients to monitor their sugar level without any major issues.

Medtronic PLC controls over 81% of the sugar level measuring device market, so IncriCon partnering with them allows the company to boost their sales even further. As of now, InctriCon is going to rent additional 37 000 square feet of facilities to boost the production.

The investor sentiment can be easily confirmed by tech analysis figures. The price is above the 200-day SMA, which means there’s an uptrend in place. There are no resistance levels near the price, as the company is making its record highs.

The investors are a bit worried about the large volumes as the price is going up, so a large correction may occur this week, with the price reaching $19 or even $17.

Meanwhile, the short float is just 2.44%, and the investment fund share is 2.27%.

Disclaimer

Any forecasts contained herein are based on the authors’ particular opinion. This analysis may not be treated as trading advice. RoboForex bears no responsibility for trading results based on trading recommendations and reviews contained herein.

Featured image courtesy of Shutterstock. 

Important: Never invest (trade with) money you can't afford to comfortably lose. Always do your own research and due diligence before placing a trade. Read our Terms & Conditions here. Trade recommendations and analysis are written by our analysts which might have different opinions. Read my 6 Golden Steps to Financial Freedom here. Best regards, Jonas Borchgrevink.

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4.5 stars on average, based on 3 rated postsHaving majored in both Social Psychology and Economics, Dmitry went on to continue his education in post graduate. He then worked as a team lead of a tech and fundamental analysis lab in the Applied System Analysis Research Institute. This helped him to acquire all necessary skills and experience to become a successful trader and analyst, as well as a portfolio manager in an investment company. Dmitry is a pro in the financial field who authors articles for various international media. He also holds the position of Chief Analyst at RoboForex.




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