AtriCure Suffers From Weak Chart, Downgrade

 | May 03, 2016 | 12:10 PM EDT
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Shares of AtriCure (ATRC) are suffering from two aliments -- a negative-looking chart and indicators and a downgrade from TheStreet's quantitative service.

In this daily chart of ATRC, above, we can see it peaked in August around $28 and in the subsequent months has nearly been cut in half. Prices are below the declining 50-day and 200-day moving averages. The On-Balance-Volume (OBV) line is not supportive of a bullish case and the Moving Average Convergence Divergence (MACD) oscillator is failing at the underside of the zero line.

When we look at this weekly chart of ATRC, above, we fail to find anything bullish. Prices are below the declining 40-week moving average line. The OBV line has been pointed down from its August peak on this time frame. The MACD oscillator is bearish, too. With prices down to key support from the 2014 lows in the $15-$14 area, we are not optimistic about the next few months. A weekly close below the 2014 lows could set ATRC on a course to next support around $10.

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