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.
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On April 24, STJ was trading at just over $34. At that time, I wrote, “But, since December, it has been forming a bullish right triangle, and a breakout through the 200-day moving average at just over $37 would change the trend to bullish and set a new price objective to $53.”
STJ has successfully broken out from its right triangle, and I’ll stick with the target of $53.
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