Tandem Diabetes Care Inc (TNDM) is a leading medical device company engaged in the designing, developing and commercialization of products for people with insulin-dependent diabetes. The stock was a big winner in 2020, but topped out on October 13, 2020 at $123.74 a share. Since that high pivot, the shares have steadily declined down as low as $88.25 a share. Currently, Tandem Diabetes Care Inc (TNDM) stock is trading at $93.36 a share. Traders should note that the stock price is now trading below the important 50-day moving average. The 200-day moving average is being tested now, but is minor support at this time.
The stock looks to have very good chart support around the $80.00 level. This support area is where the stock broke out to the upside in June 2020. Often, stock will be defended around prior breakout levels. There is also an important larger time-frame retrace level here to add to the support area. I will be looking to enter a long trade around this key $80.00 level.
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