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

By Amy Schwartz

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. Yesterday's price range of $82.66 and $83.11 is within the prior day'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.

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 (NYSE:MDT) has potential upside of 5.8% based on a current price of $83.09 and analysts' consensus price target of $87.89. Medtronic shares have support at the 50-day moving average (MA) of $76.80 and additional support at the 200-day MA of $75.11.

In the past 52 weeks, shares of Medtronic have traded between a low of $55.54 and a high of $89.27 and closed yesterday at $83.09, which is 50% 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.

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 9.5%. We continue to monitor MDT for any potential shift so investors can protect gains and will alert SmarTrend subscribers immediately.

Keywords: bearish am inside day candle Medtronic

Ticker(s): MDT