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5 Stocks Setting Up to Break Out

Intuitive Surgical

One medical equipment and supplies player that's trading within range of a big breakout is Intuitive Surgical (ISRG - Get Report), which designs, manufactures and markets da Vinci Surgical Systems and related instruments and accessories. This stock is off to a decent start in 2012, with shares up over 13%.

If you take a look at the chart for Intuitive Surgical, you'll notice that this stock has been uptrending strong for the past six months, rising from its October low of $341.21 to its current price of around $527. During that uptrend, this stock has consistently made higher lows and higher highs, which is bullish price action. Now ISRG is trading within range of triggering a near-term breakout.

Market players should watch ISRG for a breakout trade if this stock can manage to take out some near-term overhead resistance at $533 a share with high volume. Look for a sustained high-volume move or close above that level that registers near or well above its three-month average volume of 343,716 shares. If we get that action soon, look for ISRG to make a run at $550 or higher in the near future.

Traders should look for long biased trades in ISRG if that breakout does trigger soon with decent to high-volume. I would use some near-term support at around $520 as a mental stop if you buy off weakness. You could also just buy off strength and get long once $533 is taken out with volume.

Intuitive Surgical, which shows up on a list of Health Care Stocks Bought and Sold by Hedge Funds, was also featured this week in " 5 Rocket Stocks Ready to Launch Higher."

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SYM TRADE IT LAST %CHG
ELN $0.00 0.00%
ISRG $515.57 1.40%
NOV $41.36 5.97%
ORIG $3.10 16.54%
TNP $7.57 3.42%

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Chart of I:DJI
DOW 16,654.77 +369.26 2.27%
S&P 500 1,987.66 +47.15 2.43%
NASDAQ 4,812.7080 +115.1720 2.45%

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