Were You Prepared For This Stock's Breakout Last Week?
by Mike Paulenoff
August 29, 2020 • 7:29 PM EDT
Edwards Lifesciences Corporation (EW) broke out this past week, and MPTrader members were prepared.
In his Trading Room a month earlier (Mon July 20), Mike highlighted the stock for its potentially powerful upside technical set-up, writing:
"Since last November, EW has undergone a sharp correction from 82.55 (11/19/19) to 51.51 (3/23/20), and then from the March low has carved out a pattern that exhibits bullish form, and is putting upward pressure on an 8-month resistance line that if hurdled and sustained will trigger targets of 100 to 110."
Since then, EW continued to put upward pressure on its prior-high resistance zone between 80 and 82.50, finally breaking out this past week when it surged to a new all-time high at 84.60. The stock closed Friday at 84.33, a full 13.8% above its price at Mike's July 20 alert.
See Mike's July 20 analysis here.
Mike Paulenoff is the author of MPTrader.com, a real-time diary of his technical analysis & trade alerts on
ETFs for precious metals, energy, currencies, and an array of equity indices and sectors, including international
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