Edwards Lifesciences Corp. (EW) -- which was mentioned on last night's "Mad Money" -- is edging closer to an upside breakout. Prices have climbed higher and higher the past 2 1/2-years, and the uptrend is not showing signs of fatigue. Let's check the latest charts and indicators for a fresh strategy.
In this daily bar chart of EW, below, we can see how a number of tests of the bullishly sloped 200-day moving average line have been buying opportunities. Even the approach towards the 200-day line in late May turned out to be a buying opportunity.
EW is above the rising 50-day line, too. The On-Balance-Volume (OBV) line has generally moved higher the past twelve months and the Moving Average Convergence Divergence (MACD) oscillator has spent most of the year above the zero-line.
In this weekly bar chart of EW, below, we can see the rise from late 2016. The rising 40-week moving average line has defined the long-term trend, and tests of the average line have been a buying opportunity.
The weekly OBV line is pointed up and helps to confirm the advance and signals more aggressive buying. The MACD oscillator on this longer time frame is turning up to a fresh outright go-long signal.
In this Point and Figure chart of EW, below, we can see a potential upside price target of $247.
Bottom line strategy: EW has had some corrections and pullbacks along the way from $80 to near $200. You can go long or add to longs on strength above $195, risking below $175. $240 is the price target.