Pattern play: Abiomed

Price is holding near a new 52-week high after an upside breakout from a bull flag.

New Highs 4

Abiomed (ABMD), a developer of medical devices for cardiovascular conditions, is currently holding around a new 52-week high after breaking out to the upside of an intermediate-term bull flag in mid-December. The RSI is currently in overbought territory at 76. The simple moving averages (SMAs) just turned bullish, as the 20-day SMA just crossed to the upside of the 50-day SMA and the 50-day SMA is above the 200-day SMA. The overbought reading on the RSI could be hinting at a price consolidation. If price can manage to stay above 293.00, then its next targets would be 364.00 and 391.00. On the other hand, if price slips below 293.00, it would be a bearish signal that could send price back to 254.00. If price cannot manage to rebound off of 254.00 then it could be the beginning of a new downtrend.         

Source: GAIN Capital, TradingView

More from Technical Analysis


This report is intended for general circulation only. It should not be construed as a recommendation, or an offer (or solicitation of an offer) to buy or sell any financial products. The information provided does not take into account your specific investment objectives, financial situation or particular needs. Before you act on any recommendation that may be contained in this report, independent advice ought to be sought from a financial adviser regarding the suitability of the investment product, taking into account your specific investment objectives, financial situation or particular needs.

GAIN Capital Singapore Pte. Ltd., may distribute reports produced by its respective foreign entities or affiliates within the GAIN Capital group of companies or third parties pursuant to an arrangement under Regulation 32C of the Financial Advisers Regulations. Where the report is distributed to a person in Singapore who is not an accredited investor, expert investor or an institutional investor (as defined in the Securities Futures Act), GAIN Capital Singapore Pte. Ltd. accepts legal responsibility to such persons for the contents of the report only to the extent required by law. Singapore recipients should contact GAIN Capital Singapore Pte. Ltd. at 6826 9988 for matters arising from, or in connection with the report.

In the case of all other recipients of this report, to the extent permitted by applicable laws and regulations neither GAIN Capital Singapore Pte. Ltd. nor its associated companies will be responsible or liable for any loss or damage incurred arising out of, or in connection with, any use of the information contained in this report and all such liability is hereby expressly disclaimed. No representation or warranty is made, express or implied, that the content of this report is complete or accurate.

GAIN Capital Singapore Pte. Ltd. is not under any obligation to update this report.

Trading CFDs and FX on margin carries a high level of risk that may not be suitable for some investors. Consider your investment objectives, level of experience, financial resources, risk appetite and other relevant circumstances carefully. The possibility exists that you could lose some or all of your investments, including your initial deposits. If in doubt, please seek independent expert advice. Visit for the complete Risk Disclosure Statement.