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

By James Quinn

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 $99.14 and $99.69 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.

Based on a current price of $99.52, Medtronic Plc is currently 7.8% above its average consensus analyst price target of $91.71. The stock should find initial support at its 50-day moving average (MA) of $94.10 and further support at its 200-day MA of $91.90.

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.

In the past 52 weeks, shares of Medtronic Plc have traded between a low of $81.66 and a high of $100.15 and are now at $99.52, which is 22% above that low price. The 200-day and 50-day moving averages have moved 0.04% higher and 0.96% higher over the past week, respectively.

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 $89.50. Since that recommendation, shares of Medtronic Plc have risen 11.7%. 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