BAX Holding the Line at 21.50? Or Just a Head Fake?
Watching $BAX today and it's certainly interesting how it's holding around that 21.50 level. We saw a nice move earlier, up to 21.72, then a quick retrace, and now it's parked around 21.55. It feels like this area has been quite the magnet for it recently.
My personal take, and feel free to tell me I'm completely off, is that if it can consolidate above 21.50 through the close, we might see it test higher. The intraday low today was 21.235, which it bounced off pretty quickly. That's a good sign, suggests some underlying support there. The risk, of course, is if it breaks convincingly below that 21.20 mark. If it does, then this current move is probably just a relief bounce and we could see it head back towards the low 21s, maybe even revisit 20.80. Always pays to be prepared for both outcomes, doesn't it? Just curious what others are seeing on their charts for BAX.
It's always amusing how often these 'critical support levels' seem to double as 'tempting entry points for the unwary.' Let's see if 21.50 holds or if it decides to play a quick game of 'catch me if you can' with your stop loss.