ResMed (NYSE:RMD) traded in a range yesterday that spanned from a low of $64.01 to a high of $65.76. Yesterday, the shares gained 2.16%, which took the trading range above the 3-day high of $64.98 on volume of 320,000 shares.
Shares of ResMed are currently trading above their 50-day moving average (MA) of $64.02 and above their 200-day MA of $57.48. Look for these MAs to provide support for a short-term pullback in the shares.
SmarTrend is bullish on shares of ResMed and our subscribers were alerted to Buy on July 08, 2010 at $64.65. The stock has risen 1.6% since the alert was issued.
SmarTrend has the shares in an Uptrend and expects the share price to pullback toward the $64.98 support level. Afterwards, we expect it to move upward with its peers in the SmarTrend Medical Instruments industry.