MDT breaks above 20-day moving average for the first time since February 10th
Medtronic plc. (MDT) Technical Analysis Report for Mar 26, 2020 | by Techniquant Editorial Team
Moving higher for the 3rd day in a row, MDT finished Thursday at 91.94 gaining $5.12 (5.9%), slightly underperforming the S&P 500 (6.24%). Closing above Wednesday's high at 90.04, the share confirmed its breakout through the prior session high after trading up to $3.73 above it intraday.
Daily Candlestick Chart (MDT as at Mar 26, 2020):
Thursday's trading range has been $4.73 (5.31%), that's slightly below the last trading month's daily average range of $5.34. Things look different on the weekly timeframe, where the market's trading range of the last week has been way above the market's average weekly trading range. The longer-term, monthly volatility is currently slightly lower than usual for MDT.
One bullish candlestick pattern matches today's price action, the White Candle.
The market managed to close above the 20-day moving average at 89.09 for the first time since February 10th. When this moving average was crossed above the last time on February 10th, MDT actually lost -0.36% on the following trading day. Prices are trading close to the key technical resistance level at 96.37 (R1).
Although Medtronic plc. is experiencing a short-term uptrend, this might just be a correction, as both the medium and long-term trends are still bearish.