- The MDT share price is currently trading at $78.95.
- On 21 September 2023, the MDT stated that it obtained CE Mark approval for its new disposable Simplera continuous glucose monitor.
Medtronic Plc (NYSE: MDT) is an American medical technology firm. It deals in the development, manufacture, and sales of medical-based devices and services.
Over the last 12 months, the Medical Equipment industry has gained over 7%. The analysts are forecasting the earnings growth of the industry to increase by 20% annually in the future. It will eventually help the MDT share price to grow as the industry the grows the company’s within the industry starts growing.
Medtronic Plc (MDT) Stock: Techincal Analysis
In the wider outlook of the 1-Day chart of the MDT stock, the price is trading inside a wide range of $92.04 to $76.15 after giving the breakout of the falling wedge pattern. Recently, the stock price has given the breakdown of the trendline from which it reached the $92.04 resistance by taking support of it.
In the last 5 trading days, the candles formed show the bears are very active in the current scenario. On the last trading day, the candle formed just closed above the recent low of $78.90 created by the price.
The price is currently falling and approaching its $76.15 support. It has a higher chance of reaching $76.15 support as the sellers are very active in the current scenario. If the price also gives the breakdown of the $76.15 support, it may fall to its next support at $72.50.
However, for the price to be bullish the sentiment, the buyers must stop the price from falling below the $78.90 level and should close the price above $83.05. Thus, the MDT stock price can be seen in bullish sentiment and again and reach to its $92.04 resistance.
Technical Indicators On the Current Trend
The MDT price has recently faced rejection from the 50 EMA and is trading below the 50, 100, and 200 EMA lines. It is a sign of the bears’ control and domination over the price in the current scenario.
The relative strength index is at 35.39. The RSI line is in bearish territory also sloping in the downward direction indicating more room for bears to make the price fall. The Bollinger bands have started to expand indicating the increase in the volatility in the market.
Conclusion
This stock’s price is bearish in the current scenario. The price has been falling after giving the breakdown of the trendline. The indicators are also bearish indicating the bear market to continue in the upcoming trading session. The price can fal to its $76.15 support if it breaks below the recent low of $78.90 created by the price.
Technical levels
Resistance Levels: $83.05 and $92.05.
Support Levels: $78.90, $76.15, and $72.50.
Disclaimer
The views and opinions stated by the author or any other person named in this article are for informational purposes only. They do not provide financial, investment, or other advice. Investing in or trading comes with a risk of financial loss.