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

By David Diaz

SmarTrend's candlestick scanner has spotted a possible bullish inside day candle pattern in Medtronic (NYSE:MDT) based on the price action in the company's shares. Today's price range of $84.37 and $84.85 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. Traders and investors interested in shares of Medtronic may want to consider an appropriate entry level in the event a reversal to the upside transpires. It is important to look for confirmation.

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.

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 $84.77, which is 53% above that low price. In the last five trading sessions, the 50-day moving average (MA) has climbed 0.3% while the 200-day MA has remained constant.

Potential upside of 3.7% exists for Medtronic, based on a current level of $84.77 and analysts' average consensus price target of $87.89. The stock should discover initial support at its 50-day moving average (MA) of $76.80 and subsequent 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 11.1%. We continue to monitor MDT for any potential shift so investors can protect gains and will alert SmarTrend subscribers immediately.

Keywords: bullish inside day candle Medtronic

Ticker(s): MDT