MDT climbs to highest close since March 16th


Medtronic plc (MDT) Technical Analysis Report for Apr 16, 2018 [< 1 min read]
Highlights
MDT pushes through 50-day moving average
MDT unable to break through key resistance level
MDT fails to close above 200-day moving average
MDT pushes through previous session high
MDT rises to highest close since March 16th
TQ Sentiment
Report Sentiment: 0% Neutral
Technical Forecast:
Overview

MDT ended Monday at 80.60 gaining $1.03 (1.29%) on low volume. Today's closing price of 80.60 marks the highest close since March 16th. Closing above Friday's high at 80.24, the market confirms its breakout through the prior session's high having traded $1.01 above it intraday.

Daily chart for MDT
Volatility

Monday's trading range was $1.22 (1.52%), that's below last trading month's daily average range of $1.67. Things look different on a weekly scale, where volatility is below the markets average with the monthly volatility being below average.

Support/Resistance

Unable to break through the key technical resistance level at 80.92, the share closed below it after spiking as high as 81.25 during the day. The failure to close above the resistance could increase that levels importance as resistance going forward. After spiking up to 81.25 during the day, the stock found resistance at the 200-day moving average at 80.89.

Trend

MDT shows strength in the short-term supported by its long-term uptrend with only the medium-term trend being bearish. The market managed to break above the 50-day moving average at 80.01 today for the first time since March 9th.

Order Flow

Selling might accelerate should prices move below the close-by swing low at 79.13 where further sell stops could get triggered.

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
ConditionForecastDirectionWinAvgWorstBestEvents
White Candle TQ Pro Members Only
Price broke through Technical Resistance R1 TQ Pro Members Only
Close to S1 Support TQ Pro Members Only
2 Consecutive Higher Closes TQ Pro Members Only
Bullish Short Candle TQ Pro Members Only
More market conditions identified for TQ Pro members...
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Latest Report:

MDT pushes through key resistance level

Jul 13, 2018
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