Consort Medical has perhaps been on the radar for a little longer than short term traders might have wished for. But since the last update here there has been good work down by the stock. The key level here is the floor of the January gap at 836p. The lowest the stockk has traded at since then has been 843p intraday – and after multiple attempts at filling that gap.
All of this is important technically in the sense that any stock or market too strong to test a gap floor has to be regarded as ultra strong. At the same time the shares have their 50 day moving average now at 892p rising, and the RSI above neutral 50 at 53 – both leading indicators on a new leg to the upside. The minimum expected here would be a retest of the February peak zone near 1,000p – whatever scenario we are looking at fundamentally.
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