Today we've chosen to take a look at
Baxter International Inc. (NYSE:
BAX) because it is testing an interesting level of support. As you can see from the chart below, the recent
pullback has caused the price to fall toward the 200-day
moving average, which many long-term traders may use to signal a buying opportunity. In addition, the relatively low
RSI value (34) may be used to suggest that the stock is
oversold and that it is likely to experience some short-term upward momentum.
We've also noted that the price is trading near the February high. This may prove to be important because it could provide extra support in the event the bears step in again. We'll keep a bullish outlook on this stock until it closes below the support of the 200 DMA.
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