Insulet Corp (PODD) Under Pressure, Here’s The Next Major Support Level

President & CEO Chief Market Strategist at IntheMoneyStocks.com • Jul 14, 2021 at 11:53 AM EDT

Insulet Corp (PODD) is a leading medical device developer and manufacturer of an insulin delivery system. The stock recently made a high on July 7th, 2021 at $290.00 a share.

Insulet Corp (PODD) is a leading medical device developer and manufacturer of an insulin delivery system. The stock recently made a high on July 7th, 2021 at $290.00 a share. Since that high pivot, the shares have declined sharply and currently trade around the $255.00 area. Today, the stock is falling below its’ important 200-day moving average putting the shares in a weak technical position on the charts. This chart formation will usually signal lower stock prices are likely in the near term.

Traders should now watch for important support around the $238.00 level. This level is where the stock broke out to the upside on May 20th, 2021 from a major downtrend. Very often, stocks will be defended when they retest their prior breakout levels. This would be a level that could see a multi-day bounce when tested.

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