Perrigo (PRGO), which is part of the healthcare sector, formed a massive hammer in mid September and followed up on this candlestick reversal with a break above the wedge trend line. Also notice that MACD moved above its signal line and turned positive.
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About the author:
Arthur Hill, CMT, is the Chief Technical Strategist at TrendInvestorPro.com. Focusing predominantly on US equities and ETFs, his systematic approach of identifying trend, finding signals within the trend, and setting key price levels has made him an esteemed market technician. Arthur has written articles for numerous financial publications including Barrons and Stocks & Commodities Magazine. In addition to his Chartered Market Technician (CMT) designation, he holds an MBA from the Cass Business School at City University in London.
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