MDT closes above its opening price after recovering from early selling pressure
Medtronic plc. (MDT) Technical Analysis Report for Jun 30, 2020 | by Techniquant Editorial Team
Moving higher for the 2nd day in a row, MDT finished the month -6.98% lower at 91.70 after gaining $1.44 (1.6%) today, slightly outperforming the S&P 500 (1.54%). Trading up to $1.19 lower after the open, the market managed to reverse during the session as bulls took control ending the day above its opening price. Closing above Monday's high at 90.30, the stock confirmed its breakout through the previous session high after trading up to $1.87 above it intraday.
Daily Candlestick Chart (MDT as at Jun 30, 2020):
Tuesday's trading range has been $3.16 (3.5%), that's slightly above the last trading month's daily average range of $2.61. Things look different on the weekly timeframe, where the market's trading range of the last week has been below the market's average weekly trading range. The longer-term, monthly volatility is currently slightly higher than usual for MDT.
Prices are trading close to the key technical resistance level at 92.79 (R1).
The trend is clearly bearish, showing an intact downtrend in the short, medium and long-term.
Among the six market conditions that our pattern recognition engine identified today, the statistics for the Price Action based market condition "2 Consecutive Higher Closes" stand out. Its common bullish interpretation has been confirmed for Medtronic plc.. Out of 340 times, MDT closed higher 52.06% of the time on the next trading day after the market condition occurred. The optimal exit for swing trading this condition on the long side has been after 10 trading days, showing a win rate of 55.88% with an average market move of 0.33%.