St. Jude Medical Inc. (STJ) — This medical equipment company that designs, manufactures and distributes medical devices for heart-related and neurological conditions, has been in a bear market since January 2004.
On April 24, at just over $34, I wrote, “Since December, STJ has been forming a bullish right triangle, and a breakout through the 200-day moving average just above $37 would change the trend to bullish and set a new price objective to $53.”
And, on June 8, I said, “STJ has successfully broken out from its right triangle, and I’ll stick with the target of $53.”
The target of $53 is still there, but we may get a pullback to $38, which would give us another opportunity to buy shares of this bullish stock in a defensive sector.
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Sam Collins is a registered, fee-based portfolio manager who may be contacted at samailc@cox.net. You can also check out an archive of some of his most recent market outlooks.
