Baxter International Inc (BAX) Under Pressure, Here’s The Trade
Leading pharmaceutical and healthcare products company, Baxter International Inc (BAX), has been under selling pressure since April 2021. The stock traded as high as $88.48 on April 23, 2021. Since that high pivot, the shares have steadily eroded and currently trade around $73.60 a share. The trend in the stock is obviously down. In fact, Baxter International Inc (BAX) stock is now trading below its 200-week moving average. This puts the stock in a weak technical position on the charts and indicates lower stock prices ahead.
Traders and investors should now watch the $69.50 area for the next major chart support area. This important support level is where the stock was defended back in March 2020 before making a new all time high. Very often, equities will be defended at prior major pivot levels and this area looks to be one of them. I will be looking at a long-side trade in Baxter International Inc (BAX) at this important support level.
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