Pro Medicus is a provider of health imaging software to hospitals and medical centres in Australia, Europe, and North America.

“It is one of the most expensive stocks on the S&P/ASX 200, so naturally the share price has fallen sharply this year as bond yields rallied,” Michael said.

“However, the charts indicate that it may have bottomed here and the share price is ready to recover.

“After the January low, we saw PME trade sideways in a tightening range.

“Most of this price action occurred in the top of the range, just under resistance near $51.

“This meant that there was a good chance that PME was getting ready to break back into an uptrend.

“That break finally occurred this week (circled).

“This leads me to believe that there is strong buying support for PME and the share price should continue to recover from here,” Michael said.

Pro Medicus Limited (PME)

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