The Greedy Trader Weekly Analysis
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- 3/15/2024 -
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Medtronic Inc. (MDT) Technical Analysis

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Summary:
Weekly :
Daily :Daily  MACD line has moved below its signal lineThe price has fallen below the Parabolic SARWilliams' Percentage Range is oversoldThe price has declined below the moving average in the center of the Bollinger BandsThe period of low volatility of the stock price
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It was the negative week for the Medtronic Inc. (MDT). During the week, the MDT dropped -1.56 points, or -1.83%, and closed at 83.57 on Friday, March 15, 2024. Weekly volume was 11% above average.

Long-term trend: [See MDT long-term trend chart]
A long-term downtrend had started on May 3, 2023 at 92.02 and reached 68.84 on October 30, 2023. MDT lost 23.18 points, or 25.19%, in 25 weeks. The chart has formed a Broadening Descending Wedge chart pattern. The trend support level is at 58.14 and resistance is at 88.69. A Broadening Descending Wedge pattern is considered to be a reversal formation. It usually appears in a mature trend, characterized by overbought/oversold long-term and short-term indicators, and often generates divergence on long-term indicators. Use the following link to access a Broadening Descending Wedge chart pattern help, or use a Technical Stock Screener to see the list of stocks with Broadening Descending Wedge pattern in a long-term trend.

Medium-term trend: [See MDT medium-term trend chart]
A medium-term uptrend had started on October 30, 2023 at 68.84 and reached 89.18 on January 31, 2024. MDT gained -20.34 points, or -29.55%, in 13 weeks. The price is now at the 27.58% retracement level.

Weekly Technical Indicators: [See MDT weekly technical indicators chart]
Weekly technical indicators are neutral.

The weekly MACD line is above its signal line since December 1, 2023. This is an indication that the medium-term trend is up. The distance between MACD and the signal line is low and getting smaller. It indicates that the current medium-term uptrend is getting weak. Use the following link to access a MACD help.

Short-term trend: [See MDT short-term trend chart]
A short-term uptrend had started on February 20, 2024 at 82.59 and reached 86.53 on February 21, 2024. MDT gained -3.94 points, or -4.77%, in 1 days. The chart has formed a Rectangle chart pattern.

Daily Technical Indicators: [See MDT daily technical indicators chart]
Daily Williams' Percentage Range is oversold. Use the Technical Stock Screener to see the list of stocks with daily oversold Williams' Percentage Range. Oscillators are designed to signal a possible trend reversal. They can act as alerts and should be taken in conjunction with other technical analysis tools. Oscillators can be used to confirm other technical signals. Use the following link to access Williams' Percentage Range help.

During the last week, daily MACD line has moved below its signal line. Such crossover is considered a bearish signal.

During the last week, the price has fallen below the Parabolic SAR (stop and reversal). A Parabolic SAR above the price is a bearish signal, and it indicates that momentum is likely to remain in the downward direction. A Parabolic SAR is used as a trailing stop loss for long or short positions. It works best during strong trending periods. Use the following links to access Parabolic SAR Help, or use the Technical Stock Screener to see the list of stocks with the Parabolic SAR close to the price level.

During the last week, the price has declined below the moving average in the center of the Bollinger Bands. The distance between the Bollinger Bands is falling, and it was 4.16% on Friday. It is 54.63% lower than one year average. It indicates the period of low volatility of the stock price. The Bollinger Bands are often used with a non-oscillator indicator like chart patterns or a trendline. The signals are considered more reliable if these indicators confirm the recommendation of the Bollinger Bands. Use the following links to access the Bollinger Bands Help, or use the Technical Stock Screener to see the list of stocks with the price above the Upper Bollinger Band or below the Lower Bollinger Band.

Daily Oscillators
Description Value Status Divergence Chart
Relative Strength Index (RSI) 49.28
Williams' Percentage Range (W%R) 81.60
Oversold
Lane's Stochastic (%D-Slow) 55.65
Greed/Fear Indicator (GFI) 41.10
Moving Average Converg./Diverg. (MACD) -0.10
Weekly Oscillators
Description Value Status Divergence Chart
Relative Strength Index (RSI) 59.98
Williams' Percentage Range (W%R) 28.20
Lane's Stochastic (%D-Slow) 42.98
Greed/Fear Indicator (GFI) 55.14
Moving Average Converg./Diverg. (MACD) 0.88
Trading Signals
Description Value Chart
Quarterly Trendline Resistance 88.69
Upper Bollinger Band 86.58
Parabolic System 86.52
50 Day Moving Average 85.61
Weekly Stochastic Crossing 85.26
20 Day Moving Average 84.72
Daily Stochastic Crossing 84.65
Price 83.57
Lower Bollinger Band 83.11
Sector and Industry
Description Name Rank
Sector Health Care 6
Industry Health Care Equipment 81
Daily Trend
Description Value
Direction Up
Chart Pattern Rectangle
Low 82.59
Low Date 02/20/2024
High 86.53
High Date 02/21/2024
Weekly Trend
Monthly Trend
Description Value
Direction Down
Chart Pattern DownTrend
Status
Resistance
Support
High 89.18
High Date 01/31/2024
Low 82.59
Low Date 02/20/2024
Description Value
Direction Up
Chart Pattern Uptrend
Status
Resistance
Support
Low 68.84
Low Date 10/30/2023
High 89.18
High Date 01/31/2024
Quarterly Trend
Yearly Trend
Description Value
Direction Down
Chart Pattern Broadening Descending Wedge
Status Valid
Resistance 88.69
Support 58.14
High 92.02
High Date 05/03/2023
Low 68.84
Low Date 10/30/2023
Description Value
Direction Down
Chart Pattern DownTrend
Status
Resistance
Support
High 135.89
High Date 09/09/2021
Low 68.84
Low Date 10/30/2023
Warning: TheGreedyTrader.com presents weekly analysis. Technical indicators and trend parameters are calculated for the close of business day indicated on the top right corner of the screen.