Chart of the Day: Globus Medical (GMED)

NYSE: GMED | Globus Medical, Inc.  News, Ratings, and Charts

GMED – Possible breakdown looming for Globus Medical (GMED).

Get Free Updates

Join thousands of investors who get the latest news, insights and top rated picks from StockNews.com!

Over the past couple of  months, a ‘Head and Shoulders’ pattern has developed in the chart of Globus Medical Inc. (GMED).

GMED is a medical device company that develops products for patients with musculoskeletal disorders. Their products include implantable devices and surgical instruments used in orthopedic and spinal procedures. The company’s revenue and earnings have grown regularly over the past few years.

The company has also developed a robotic platform called ExcelsiusGPS. The platform employs big data to improve surgical precision. The platform is also expected to support augmented reality and artificial intelligence.

Like most stocks, GMED hit a 52-week low in March as the coronavirus pandemic spread throughout the world.  Since then, it’s been quite volatile – trending higher in April and May, and lower in June and July.

As you can see in the chart below, there is a level of support (red) that has formed at $44:

Chart of GMED provided by TradingView

The $44 support level is also the “neckline” for this head and shoulder pattern.  A head and shoulders pattern is a chart formation that technical analysts use to locate areas/prices at which increased momentum to the upside or downside should occur.

In this case, the first shoulder (blue) in GMED was in April/May, the head was in May/June, and the second shoulder is now forming in July.

If GMED breaks below the neckline/support level of $44, there is a good chance that we will see a breakdown in the stock.  Therefore, a trader could short GMED under $44 and expect to see momentum to the downside.

Have a good trading day!

Good luck!

Christian Tharp, CMT

Follow me on Twitter:  @cmtstockcoach

Stock Trading & Investing for Everyone

Want More Great Investing Ideas?

9 “BUY THE DIP” Growth Stocks for 2020

Top 5 WINNING Stock Chart Patterns

7 “Safe-Haven” Dividend Stocks for Turbulent Times


GMED shares were trading at $45.11 per share on Tuesday morning, down $0.28 (-0.62%). Year-to-date, GMED has declined -23.39%, versus a -1.79% rise in the benchmark S&P 500 index during the same period.


About the Author: Christian Tharp


Christian is an expert stock market coach at the Adam Mesh Trading Group who has mentored more than 4,000 traders and investors. He is a professional technical analyst that is a certified Chartered Market Technician (CMT), which is a designation awarded by the CMT Association. Christian is also the author of the daily online newsletter Todays Big Stock. More...


More Resources for the Stocks in this Article

TickerPOWR RatingIndustry RankRank in Industry
GMEDGet RatingGet RatingGet Rating

Get Free Updates

Join thousands of investors who get the latest news, insights and top rated picks from StockNews.com!


Top Stories on StockNews.com

NASDAQ: MSFT | Microsoft Corporation News, Ratings, and Charts

Microsoft’s Plan to Enter Video Chat Would Spur Rivalry with Facebook

Microsoft is looking like the favorite to acquire all or part of the TikTok video chat service. If this happens it could spark a rivalry with Facebook.
NYSE: IIPR | Innovative Industrial Properties, Inc.  News, Ratings, and Charts

Cannabis Stock Weekly Recap

The cannabis industry was down for the week due to mixed news. Innovative Industrial Properties (IIPR) posted strong earnings, Aurora Cannabis (ACB) was trending downward, and GW Pharmaceuticals (GWPH) posted modest earnings.
NASDAQ: AMZN | Amazon.com, Inc. News, Ratings, and Charts

3 of David Tepper's Largest Holdings

David Tepper is a world renown hedge fund manager. Following top hedge fund managers can lead to fruitful returns. So here are the top holdings in Tepper's Appaloosa portfolio: Amazon.com (AMZN), Alibaba Group Holding (BABA), and Alphabet (GOOGL).
NYSE: SPY | SPDR S&P 500 News, Ratings, and Charts

3 Possible Directions for the Stock Market from Here

Let's have an honest assessment of where the stock market (SPY) stands now. Once in hand it is easier to appreciate these 3 most likely scenarios for stocks and recommended trading strategy to stay one step ahead of the pack.
NYSE: LOW | Lowe's Companies, Inc.  News, Ratings, and Charts

4 Stocks That Bill Ackman Loves

Bill Ackman has been in the news. So far this year, he had a public meltdown on CNBC, turned $26 million into $2.6 billion, and launched a $4 billion blank check SPAC to take a unicorn public. Find out what he loves about four of his largest holdings - Lowe's (LOW), Berkshire Hathaway (BRK.B), Chipotle Mexican Grill (CMG), and Agilent Technologies (A).

Read More Stories


More Globus Medical, Inc. (GMED) News View All

Event/Date Symbol News Detail Start Price End Price Change POWR Rating
Loading, please wait...
View All GMED News