Abiomed is a top 5 SP 500 gainer today. The stock is up 3.6% as it extends the gain off the March lows to 70%. As the week comes to an end ABMD is trading at new 2020 highs after moving past heavy resistance near the $199.00 area. This key zone has capped both the February and April highs. Both of these highs were put in following Q3 and Q4 earnings reports. More on Abiomed’s latest results here: https://seekingalpha.com/news/3567073-abiomed-jumps-15-after-fq4-results-ease-fears?mod=mw_quote_news.
ABMD is one to watch next week. We believe today’s breakout could spark quite a run. This move has left behind layers of support. A clear take out of $188.00 would violate this week’s lows indicating this breakout has failed.