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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 $79.29 and $80.12 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.

Over the past year, Medtronic has traded in a range of $55.54 to $89.27 and is now at $79.99, 44% above that low. Over the past week, the 200-day moving average (MA) has remained constant while the 50-day MA has advanced 0.3%.

There is potential upside of 8.1% for shares of Medtronic based on a current price of $79.99 and an average consensus analyst price target of $86.50. 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.

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.

SmarTrend recommended that its subscribers protect gains by selling shares of Medtronic on September 14th, 2016 by issuing a Downtrend alert when the shares were trading at $84.85. Since that call, shares of Medtronic have fallen 7.2%. We are now looking for when a new Uptrend will commence and will alert SmarTrend subscribers in real time.

Keywords: bullish inside day candle Medtronic

Ticker(s): MDT