Medtronic plc Stock Forecast

Medtronic plc stock downgraded to Hold/Accumulate
(Updated on May 13, 2024)

2M6.F Signals & Forecast

The Medtronic plc stock holds buy signals from both short and long-term Moving Averages giving a positive forecast for the stock, but the stock has a general sell signal from the relation between the two signals where the long-term average is above the short-term average. On corrections down, there will be some support from the lines at 76.32€ and 76.38€. A breakdown below any of these levels will issue sell signals. A buy signal was issued from a pivot bottom point on Thursday, April 25, 2024, and so far it has risen 5.20%. Further rise is indicated until a new top pivot has been found. Furthermore, there is a buy signal from the 3 month Moving Average Convergence Divergence (MACD). Some negative signals were issued as well, and these may have some influence on the near short-term development. Volume fell during the last trading day while the price increased. This causes a divergence and may be considered as an early warning, but it may not be. The very low volume increases the risk and reduces the other technical signals issued.

Support, Risk & Stop-loss for Medtronic plc stock

Medtronic plc finds support from accumulated volume at 76.69€ and this level may hold a buying opportunity as an upwards reaction can be expected when the support is being tested.

In general the stock tends to have very controlled movements and therefore the general risk is considered very low. However, be aware of low or falling volume and make sure to keep an eye on the stock During the last day, the stock moved 0.740€ between high and low, or 0.96%. For the last week the stock has had daily average volatility of 0.80%

Our recommended stop-loss: 74.31€ (-4.26%) (This stock has low daily movements and this gives low risk. There is a buy signal from a pivot bottom found 11 days ago.)

Trading Expectations (2M6.F) For The Upcoming Trading Day Of Tuesday 14th

For the upcoming trading day on Tuesday, 14th we expect Medtronic plc to open at 77.37€, and during the day (based on 14 day Average True Range), to move between 76.70€ and 78.54€, which gives a possible trading interval of +/-0.92€ (+/-1.18%) up or down from last closing price. If Medtronic plc takes out the full calculated possible swing range there will be an estimated 2.37% move between the lowest and the highest trading price during the day.

Since the stock is closer to the support from accumulated volume at 76.69€ (1.20%) than the resistance at 78.58€ (1.24%), 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 positive signals, but we still don't find these to be enough for a buy candidate. At the current level, it should be considered as a hold candidate (hold or accumulate) in this position whilst awaiting further development. Due to some small weaknesses in the technical picture we have downgraded our analysis conclusion for this stock since the last evaluation from a Buy to a Hold/Accumulate candidate.

Current score: 0.000 Hold/Accumulate Downgraded

Zero in score indicates that our system is expecting high volatility and risk for the following trading day. Given the latest developments, we cannot determine the next direction as it may go both ways.

Predicted Opening Price for Medtronic plc of Tuesday, May 14, 2024

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