MDT pushes through prior session high

Medtronic plc (MDT) Technical Analysis Report for Sep 14, 2018

Highlights

MDT closes above its opening price after recovering from early selling pressure
MDT closes higher for the 3rd day in a row
MDT pushes through previous session high
MDT rises to highest close since Inception
MDT ends the day indecisive

TQ Sentiment

Report Sentiment: 50% Bullish
Technical Forecast:

Overview

Moving higher for the 3rd day in a row, MDT ended the week 0.72% higher at 97.01 after gaining $0.06 (0.06%) today. Today's closing price of 97.01 marks the highest close since Inception. Trading up to $0.30 lower after the open, Medtronic plc managed to reverse during the session as bulls took control ending the day above its opening price. Closing above Thursday's high at 97.00, the share confirms its breakout through the prior session's high having traded $0.28 above it intraday. Ending the day with an indecisive close, neither buyers nor sellers were able to gain control during the session.

Daily chart for MDT

Volatility

Friday's trading range was $0.63 (0.65%), that's below last trading month's daily average range of $1.08. Things look different on a weekly scale, where volatility is below the markets average with the monthly volatility being slightly above average.

Support/Resistance

Prices are trading close to a key support level at 96.50.

Trend

The trend is clearly bullish, showing an intact uptrend in the short, medium and long-term.

Order Flow

With prices trading close to this year's high at 97.38, upside momentum could accelerate should the stock be able to break out to new highs for the year.

Conclusion

While classical technical analysis indicates a neutral sentiment for the next trading day, our quantitative statistics show a different picture being bullish.

Market Conditions for Medtronic plc

Condition Forecast Direction Win Rate Exit Day Events
Close near low of period TQ Pro Members Only
Closed below last periods low TQ Pro Members Only
High close to previous High TQ Pro Members Only
Close to Swing Low TQ Pro Members Only
Bearish Engulfing Candle TQ Pro Members Only
More market conditions identified for TQ Pro members...
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