Watch These Intuitive Surgical Price Levels as Stock Hits Another Record High | Global News Avenue

Intuitive Surgery (ISRG) on Thursday, shares hit another all-time high, a day after medical technology The company releases fourth quarter and full year results forecast income The company beat expectations on growing demand for its surgical robotic equipment.

The company placed 493 da Vinci surgical systems in the fourth quarter last year, up from 415 in 2023. The company also said the number of surgeries using the device during the period was up 17% compared with the same period last year, driven by its use during cancer surgeries. The company said the technology has completed more than 14 million surgeries and can assist surgeons with hand movements to help perform minimally invasive surgeries.

Intuitive Surgical shares rose 0.7% on Thursday to close above $584, after surging nearly 8% yesterday. Intuitive Surgical’s share price has risen 60% in the past 12 months, easily outpacing S&P 500 IndexThe return during the period was 25%.

Next, let’s take a closer look technical on Intuitive Surgical’s chart and pinpoint key price levels worth watching.

Extended rising wedge

Intuitive Surgical stock trading hours extended rising wedge Since early February last year, prices have been confined within the pattern’s two converging upward sloping trend lines.

Recently, price has been consolidating near the pattern’s lower trendline, 50-day moving average forward gap Higher this week. Importantly, above average volume Support for Wednesday’s gains suggests institutional buying activity is behind the move.

With the stock currently trading in blue-sky territory, let’s predict the potential benefit target use Measurement principle and determine the main support level Monitor during retracements.

Upside targets to watch

Investors can predict upside targets by using the measurement principle, an analytically recognized technique chart pattern Predict future price movements.

When applying the study to Intuitive Surgical’s chart, we calculate the distance of the rising wedge near its widest point and add that distance to the top trendline of the pattern. In this example, we add $70 to $580, with a projected target of $650.

Major Support Levels of Interest

period callbackinvestors should first pay close attention to the $550 level. The stock is likely to attract buying interest in this area near Wednesday’s gap low, which would also be consistent with a consolidation period in November that was just below the stock’s price. All Time High (ATH).

Finally, a close below this area would open the door to a retest of lower support near $520. A pullback to this level could lead to investors looking for entry point Close to trend line connecting October peak and December trough.

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As of the date of this writing, the author did not own any of the securities mentioned.