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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