NEW YORK (TheStreet) -- Shares of medical technology and equipment companyStryker (SYK) - Get Report have been attempting to break out to new highs for the last three months. Despite yesterday's broad market decline, the stock remains on an upward path and nearing clearly defined resistance.

For most of 2012, Stryker traded in a narrow horizontal channel. It finally broke above channel resistance in 2013 and began a two-year climb to its 2014 high, which saw an 80% gain in the stock price.

This year it began another sideways consolidation phase above support supplied by the 38% retracement level of the October 2014 low and the 2015 highs, and below resistance in the $97.50 area. In April, the stock moved off initial support and began making a series of higher lows, and this interior uptrend line has formed an ascending triangle. The dual channel and triangle resistance level were tested in May and again this week, and despite the large gravitational pull of Wednesday's broader market decline, the stock managed a fractional gain.

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The relative strength index and the money flow index -- a volume-weighted relative strength measure -- are both basically flat at or just above their centerlines, which is to be expected during narrowing consolidation periods. But the price action implies the stock wants to go higher, and a break above overhead resistance projects a channel/triangle target price into triple-digit territory.

The current consolidation looks like a healthy pause that has allowed the stock to recharge and initiate another phase of the longer-term uptrend.

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This article is commentary by an independent contributor. At the time of publication, the author held no positions in the stocks mentioned.