Thursday, December 20, 2012

Intuitive Surgical (ISRG) sells off to 5-month channel support

DEC19 2356EST. Intuitive Surgical (ISRG) experienced a pronounced sell-off today, declining 7 percent intraday before rebounding somewhat to close down 5.7 percent. Volume in the NASDAQ-100 component was a full 6 times greater than its average daily turnover.

Remarkably, today's intraday low of approximately $508 coincided quite precisely with the support trendline of a 5-month price channel, shown below in dashed red. 

ISRG. July 10, 2012 to present. Hourly candles.