Nevro (NVRO) Forms Consolidation
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Nevro Corp. engages in the provision of medical devices. The firm focuses on providing products that improve the quality of life of patients suffering from debilitating chronic pain. It develops and commercializes senza spinal cord stimulation system, an evidence-based neuromodulation platform for the treatment of chronic pain.
Take a look at the 1-year chart of Nevro (NYSE: NVRO) below with the added notations…
Chart of NVRO provided by TradingView
NVRO has fallen into a sideways trading range between a $60 support area (green) and a $73 resistance (red). At some point, the stock will break out of the range, and that break will likely dictate the stock’s next big move.
The Tale of the Tape: NVRO is trading in a sideways range. Long trades could be entered on a pullback to support, or on a break of resistance, with a protective stop set underneath the point of entry. An ideal short trade could be made on a break below support.
Before making any trading decision, decide which side of the trade you believe gives you the highest probability of success. Do you prefer the short side of the market, long side, or do you want to be in the market at all? If you haven’t thought about it, review the overall indices themselves. For example, take a look at the S&P 500. Is it trending higher or lower? Has it recently broken through a key resistance or support level? Making these decisions ahead of time will help you decide which side of the trade you believe gives you the best opportunities.
No matter what your strategy or when you decide to enter, always remember to use protective stops and you’ll be around for the next trade. Capital preservation is always key!
Good luck!
Christian Tharp, CMT
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