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Possible Bearish Inside Day Candle Pattern Detected for Medtronic (NYSE:MDT)

By Nick Russo

SmarTrend's candlestick scanner has spotted a possible bearish inside day candle pattern in Medtronic (NYSE:MDT) based on the price action in the company's shares. Today's price range of $82.67 and $83.10 is within yesterday's high and low of the day. This trading action often signifies indecision by bulls and bears to drive prices higher or lower and often implies a possible change in trend. Owners of Medtronic may want to consider a possible hedge in the event a pullback occurs. Look for confirmation in the next few trading days.

In the past 52 weeks, shares of Medtronic have traded between a low of $55.54 and a high of $89.27 and are now at $82.73, which is 49% above that low price. The 200-day and 50-day moving averages have moved 0.07% higher and 0.33% higher over the past week, respectively.

Medtronic, Inc. develops therapeutic and diagnostic medical products. The Company's principal products include those for bradycardia pacing, tachyarrhythmia management, atrial fibrillation management, heart failure management, heart valve replacement, malignant and non-malignant pain, and movement disorders. Medtronic's products are sold worldwide.

Medtronic has overhead space with shares priced $82.73, or 5.9% below the average consensus analyst price target of $87.89. The stock should find initial support at its 50-day moving average (MA) of $76.80 and further support at its 200-day MA of $75.11.

SmarTrend recommended that subscribers consider buying shares of Medtronic on February 2nd, 2017 as our proprietary SmarTrend analytics indicated a new Uptrend was in progress when shares hit $75.87. Since that recommendation, shares of Medtronic have risen 9.6%. We continue to monitor MDT for any potential shift so investors can protect gains and will alert SmarTrend subscribers immediately.

Keywords: bearish inside day candle Medtronic

Ticker(s): MDT