Medtronic plc (NYSE:MDT) gained 1.12% in yesterday’s session, going up from its prior closing price of $78.63 to $79.51, and has now recorded rally in 6 consecutive sessions. It is uncommon for a stock to keep rising for so many consecutive days so a temporary pullback is likely. The stock price went upward in 7 of the last 10 days, but has retreated -0.03% over the same course of time. The upbeat movement of both volume and price during the recent session is interpreted as a good sign, and, overall 0.63 million more shares exchanged hands compared with prior day. In total, 6.32 M shares exchanged hands for about $502.71 million.
Inside MDT’s Recent Trend
Medtronic plc (MDT) lies the upper part of a falling trend in the short term, and this will normally pose a very good selling opportunity for the short-term trader as reaction back towards the lower part of the trend can be expected. A break down through the support point at $80.51 will initially suggest a lower tendency for declines in the price and this might very well be an early sign that a trend shift is coming. Short-term traders are anticipated to see a retreat of -10.38% over the course of a quarter and, with 90% chance the price will be floating in the range of $67.20 and $72.15 in this timeframe.
Medtronic plc Technical Signals
MDT is a buy based on short-term MA; at the same time, however, a sales signal from the long-term average. Since the longterm average is above the short-term average there is a general sales signal in the stock. On additional rally, the share price will meet long term resistance at around $80.25. On a drop, the stock is likely to find some support over the short run, which begins at $78.23. A buy signal will be generated if it crosses above the long term moving average. Meanwhile, a price down versus the short-term MA will be a fresh sales call.
Medtronic plc (NYSE:MDT) Support And Resistance Levels
Medtronic plc (MDT) recorded volume accumulation so there will probably be a surplus of buyers at $79.24. In case of gains, the next resistance from accumulated volume will not be far away from today’s level at $82.12, $83.52 and $86.06.
Accumulated volume is going to prevent the price from rising further at $82.12 and this action will lead the price to take a temporary pause or stay muted for a few days.
Medtronic plc (MDT) Risk Assessment
The number of shares changed hands in the stock is good, indicating the interest and low risk associated with it. In the most recent session, the stock price hovered around $0.86 (1.09%) between intraday high and intraday low. Each day in the past 1 week, the average volatility remained at 0.87%.
Since the Medtronic plc has been rising for 6 straight session, the volatility is more likely to increase in the next couple of days. As it is hard to guess the reaction rate, investors should be cautious.