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Watch for Medtronic Plc to Potentially Pullback After Gaining 2.04% Yesterday

By Nick Russo

Medtronic Plc (NYSE:MDT) traded in a range yesterday that spanned from a low of $109.87 to a high of $110.86. Yesterday, the shares gained 2.0%, which took the trading range above the 3-day high of $109.25 on volume of 2.4 million shares. Often times after large one-day gains, short term traders will seek to take profits and, as such, investors should be cautious.

Over the past year, Medtronic Plc has traded in a range of $81.66 to $110.86 and is now at $110.86, 36% above that low. Over the past week, the 200-day moving average (MA) has gone up 0.3% while the 50-day MA has advanced 0.7%.

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 21.4%. We continue to monitor MDT for any potential shift so investors can protect gains and will alert SmarTrend subscribers immediately.

Keywords: rebounders medtronic plc

Ticker(s): MDT