Chart of the Day: Globus Medical (GMED)

Over the past couple of  months, a ‘Head and Shoulders’ pattern has developed in the chart of Globus Medical Inc. (GMED).  GMED is a medical device company that develops products for patients with…

musculoskeletal disorders. Their products include implantable devices and surgical instruments used in orthopedic and spinal procedures. The company’s revenue and earnings have grown regularly over the past few years.

The company has also developed a robotic platform called ExcelsiusGPS. The platform employs big data to improve surgical precision. The platform is also expected to support augmented reality and artificial intelligence.

Like most stocks, GMED hit a 52-week low in March as the coronavirus pandemic spread throughout the world.  Since then, it’s been quite volatile – trending higher in April and May, and lower in June and July.

As you can see in the chart below, there is a level of support (red) that has formed at $44…

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