MDT climbs to highest close since March 16th
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.
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.
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.
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.
Selling might accelerate should prices move below the close-by swing low at 79.13 where further sell stops could get triggered.
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
|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|
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