Medtronic plc Stock Forecast

Medtronic plc stock upgraded from Sell Candidate to Hold/Accumulate after Friday trading session.
(Updated on Apr 19, 2024)

2M6.DE Signals & Forecast

A buy signal was issued from a pivot bottom point on Thursday, April 18, 2024, and so far it has risen 0.84%. Further rise is indicated until a new top pivot has been found. Medtronic plc has increased volume and follows the last lift in the price. This is considered to be a technical positive sign as volume should follow the price-formation. Higher liquidity also reduces the general risk. Some negative signals were issued as well, and these may have some influence on the near short-term development. The Medtronic plc stock holds sell signals from both short and long-term Moving Averages giving a more negative forecast for the stock. Also, there is a general sell signal from the relation between the two signals where the long-term average is above the short-term average. On corrections up, there will be some resistance from the lines at 75.14€ and 77.26€. A break-up above any of these levels will issue buy signals. Furthermore, there is currently a sell signal from the 3 month Moving Average Convergence Divergence (MACD).

Support, Risk & Stop-loss for Medtronic plc stock

Medtronic plc finds support from accumulated volume at 74.48€ and this level may hold a buying opportunity as an upwards reaction can be expected when the support is being tested.

This stock is usually traded at a good volume, and with minor daily changes, the risk is considered to be low. During the last day, the stock moved 1.24€ (1.69%) between high and low. For the last week, the stock has had daily average volatility of 1.26%.

Medtronic plc is oversold on RSI14 (10). Some stocks may fall long and hard while being oversold on RSI, but stocks that are heavily oversold on RSI often pose good re-bounce chance and played well it can be a buy candidate.

Our recommended stop-loss: 69.70€ (-6.48%) (This stock has low daily movements and this gives low risk. Low RSI14 is 10 which reduces the risk some. There is a buy signal from a pivot bottom found 1 day ago.)

Trading Expectations (2M6.DE) For The Upcoming Trading Day Of Monday 22nd

For the upcoming trading day on Monday, 22nd we expect Medtronic plc to open at 74.23€, and during the day (based on 14 day Average True Range), to move between 73.46€ and 75.60€, which gives a possible trading interval of +/-1.07€ (+/-1.44%) up or down from last closing price. If Medtronic plc takes out the full calculated possible swing range there will be an estimated 2.87% move between the lowest and the highest trading price during the day.

Since the stock is closer to the support from accumulated volume at 74.48€ (0.07%) than the resistance at 78.88€ (5.84%), our systems sees the trading risk/reward intra-day as attractive and believe profit can be made before the stock reaches first resistance..

Is Medtronic plc stock A Buy?

Medtronic plc holds several negative signals and this should be a sell candidate, but due to the general chance for a turnaround situation it should be considered as a hold candidate (hold or accumulate) in this position whilst awaiting further development. We have upgraded our analysis conclusion for this stock since the last evaluation from a Sell to a Hold/Accumulate candidate.

Current score: -0.885 Hold/Accumulate Upgraded

Predicted Opening Price for Medtronic plc of Monday, April 22, 2024

The predicted opening price is based on yesterday's movements between high, low, and closing price.