Pro Medicus is a provider of health imaging software to hospitals and medical centres in Australia, Europe, and North America. It remains one of the most expensive stocks on the S&P/ASX 200.
“This has caused some investors to wonder whether they’ve missed their chance to purchase the stock,” Michael said.
“However, despite some recent weakness in the US tech sector, the chart for PME indicates that it can still continue to climb higher.
“After a short-term sell off in February, the stock got back into a nice uptrend, and it continues to trend in a sustainable way.
“Most recently, it has cooled off a little and formed a double bottom in this uptrend (arrows). “When you see a double bottom on a stock that’s already trending higher, then you take that as a positive sign.
“It indicates solid buying support and means we have a new floor in the share price.
“I am still a buyer of PME for my clients and it is most likely to continue trending higher from here and make new highs again.
Pro Medicus (PME)
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