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

By David Diaz

SmarTrend's candlestick scanner has spotted a possible bearish inside day candle pattern in Medtronic Plc (NYSE:MDT) based on the price action in the company's shares. Today's price range of $107.10 and $107.85 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 Plc may want to consider a possible hedge in the event a pullback occurs. Look for confirmation in the next few trading days.

Medtronic Plc (NYSE:MDT) is currently priced 14.9% above its average consensus analyst price target of $91.71. Medtronic Plc shares have support at the 50-day moving average (MA) of $100.64 and additional support at the 200-day MA of $92.99.

Over the past year, Medtronic Plc has traded in a range of $81.66 to $109.70 and is now at $107.83, 32% above that low. Over the last five market days, the 200-day moving average (MA) has gone up 0.3% while the 50-day MA has advanced 0.7%.

Medtronic, PLC 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.

SmarTrend recommended that subscribers consider buying shares of Medtronic Plc on May 3rd, 2019 as our proprietary SmarTrend analytics indicated a new Uptrend was in progress when shares hit $89.49. Since that recommendation, shares of Medtronic Plc have risen 20.5%. 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 plc

Ticker(s): MDT