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Downtrend Broken Resist.Archive
- 9/22/2023 -
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Medtronic Inc. (MDT) Technical Analysis
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| Summary:
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| | It was the negative week for the Medtronic Inc. (MDT). During the week, the MDT dropped -1.50 points, or -1.83%, and closed at 80.27 on Friday, September 22, 2023. Weekly volume was -10% below average.
 Long-term trend: [See MDT long-term trend chart]
A long-term downtrend had started on September 9, 2021 at 135.89 and reached 75.76 on December 16, 2022. MDT lost 60.13 points, or 44.25%, in 66 weeks. The chart has formed a Falling Channel chart pattern. The trend support level is at 58.48 and resistance is at 84.85. A Falling Channel represents price movement contained between parallel lower (support) and upper (resistance) trend lines. Trading Channeling stocks is one of the most reliable and accurate trading techniques that provide traders with precise entry and exit points as well as stop-losses and take-profit recommendations. Use the following link to access a Falling Channel chart pattern help, or use a Technical Stock Screener to see the list of stocks with Falling Channel pattern in a long-term trend.
 Medium-term trend: [See MDT medium-term trend chart]
A medium-term downtrend had started on May 3, 2023 at 92.02 and reached 78.92 on September 6, 2023. MDT lost 13.10 points, or 14.24%, in 18 weeks. The price is now at the 10.31% retracement level.
 Weekly Technical Indicators: [See MDT weekly technical indicators chart]
Weekly Williams' Percentage Range and Lane's Stochastic are oversold. Use the Technical Stock Screener to see the list of stocks with weekly oversold Williams' Percentage Range and Lane's Stochastic. 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 links to access Lane's Stochastic and Williams' Percentage Range help.
The weekly MACD line is below its signal line since August 4, 2023. This is an indication that the medium-term trend is down. Use the following link to access a MACD help.
 Short-term trend: [See MDT short-term trend chart]
A short-term downtrend had started on July 27, 2023 at 91.00 and reached 78.92 on September 6, 2023. MDT lost 12.08 points, or 13.27%, in 41 days. The chart has formed a Falling Wedge chart pattern. The downtrend resistance line (75.80) is broken. A broken support is considered to be a long-term bullish signal. Use the following links to access Trend Support/Resistance Help, or use the Technical Stock Screener to see the list of stocks with broken trend resistance line in a short-term trend.
 Daily Technical Indicators: [See MDT daily technical indicators chart]
Daily technical indicators are neutral.
The daily MACD line is above its signal line since September 8, 2023. The distance between MACD and the signal line is low and getting smaller.
A Parabolic SAR (stop and reversal) indicator (80.12) comes close to the price (80.27). It indicates that the trend is getting weaker. 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.
The distance between the Bollinger Bands is falling, and it was 4.29% on Friday. It is 55.44% 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.
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