On September 19
, we mentioned that the stock price of CR Bard Inc.
) broke beyond the confined trading range of a horizontal channel
. As you can see from the chart below, the bulls were able to briefly send the price higher, but the rally came to an abrupt end when it hit resistance at $90. Notice how the bears have pushed the stock down toward $85.50, which technically should be a strong level of support. This brief pullback, also known as a throwback
, is a common occurrence and does not mean that the bullish momentum is over. The current price level provides traders with an attractive risk/reward ratio
and could also give those who missed the breakout an ideal chance to enter. We'll keep a bullish outlook on this stock until the price closes below the $85.50 mark.