ABMD, a Healthcare name and a member of IHI, the Medical Devices ETF that has been a huge out-performer, broke out of a pennant this week, confirming further upside for the name.
With little resistance to look for above, the monthly chart shows the next Fib extension level to target is at 708 giving 58% upside.
A break from a pennant always has the potential to retest before moving higher again. A move below the last swing low of the pennant at 366.91 would confirm a failure and signal further downside.