Medtronic plc Stock Forecast
Medtronic plc stock price down 1.18% on Tuesday
(Updated on Jul 02, 2024)
The Medtronic plc stock price fell by -1.18% on the last day (Tuesday, 2nd Jul 2024) from 72.32€ to 71.47€. During the last trading day the stock fluctuated 0.86% from a day low at 71.32€ to a day high of 71.93€. The price has fallen in 6 of the last 10 days and is down by -3.69% for this period. Volume fell on the last day along with the stock, which is actually a good sign as volume should follow the stock. On the last day, the trading volume fell by -536 shares and in total, 1 thousand shares were bought and sold for approximately 103.06€ thousand.
The stock has broken the falling short-term trend down. Firstly a stronger fallrate is indicated, but false breaks and "sell-off" may occur. However, a further fall is realistic and any reactions back to the breaking point (72.35€) are considered to be a "second chance" to get out. According to the fan-theory 66.47€ will represent the new bottom line of the next trend, but it is far too early to say this for certain.
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2M6.F Signals & Forecast
There are few to no technical positive signals at the moment. 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 73.82€ and 75.74€. A break-up above any of these levels will issue buy signals. A sell signal was issued from a pivot top point on Wednesday, May 22, 2024, and so far it has fallen -9.67%. Further fall is indicated until a new bottom pivot has been found. Furthermore, there is currently a sell signal from the 3 month Moving Average Convergence Divergence (MACD). Volume fell along with the price during the last trading day, which is technical positive. One should, however, note that this stock may have low liquidity in periods, which increases the general risk.
Support, Risk & Stop-loss for Medtronic plc stock
There is no support from accumulated volume below today's level and given the right condition the stock may perform very badly in the next couple of days.
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 0.610€ between high and low, or 0.86%. For the last week the stock has had daily average volatility of 1.07%
Our recommended stop-loss: We hold a negative evaluation for this stock. No stop-loss is set.
Trading Expectations (2M6.F) For The Upcoming Trading Day Of Wednesday 3rd
For the upcoming trading day on Wednesday, 3rd we expect Medtronic plc to open at 71.57€, and during the day (based on 14 day Average True Range), to move between 70.38€ and 72.56€, which gives a possible trading interval of +/-1.09€ (+/-1.52%) up or down from last closing price. If Medtronic plc takes out the full calculated possible swing range there will be an estimated 3.05% move between the lowest and the highest trading price during the day.
With no support below and resistance from accumulated volume @ 74.53€, some 3.06€ (4.28%) from the current price of 71.47€, our system finds the risk reward not very attractive.
Is Medtronic plc stock A Buy?
Medtronic plc holds several negative signals and is within a falling trend, so we believe it will still perform weakly in the next couple of days or weeks. We therefore hold a negative evaluation of this stock.
Current score: -5.145 Strong Sell Candidate Unchanged
Predicted Opening Price for Medtronic plc of Wednesday, July 3, 2024
| Fair opening price July 3, 2024 | Current price |
|---|---|
| 71.57€ ( 0.145%) | 71.47€ |
The predicted opening price is based on yesterday's movements between high, low, and closing price.
Trading levels for 2M6.F
Fibonacci Support & Resistance Levels
| Level | Price | |
|---|---|---|
| R3 | 72.18 | 1.00% |
| R2 | 71.95 | 0.672% |
| R1 | 71.81 | 0.471% |
| Price | 71.47 | |
| S1 | 71.34 | -0.181% |
| S2 | 71.20 | -0.383% |
| S3 | 70.96 | -0.709% |
Accumulated Volume Support & Resistance Levels
| Level | Price | |
|---|---|---|
| R3 | 76.72 | 7.35% |
| R2 | 75.99 | 6.32% |
| R1 | 74.53 | 4.28% |
| Price | 71.47 | |
| S1 | 0 | - |
| S2 | 0 | - |
| S3 | 0 | - |
2M6 Dividend Payout History
| # | Ex-Date | Pay Date | Amount | Yield | |
|---|---|---|---|---|---|
| 1 | Jun 28, 2024 | Jun 28, 2024 | Jul 12, 2024 | 0.647€ | 0% |
| 2 | Mar 21, 2024 | Mar 21, 2024 | Apr 12, 2024 | 0.631€ | 0% |
| 3 | Dec 19, 2023 | Dec 19, 2023 | Jan 12, 2024 | 0.690€ | 0% |
| 4 | Sep 21, 2023 | Sep 21, 2023 | Sep 21, 2023 | 0.690€ | 0% |
| 5 | Jun 22, 2023 | Jun 22, 2023 | Jun 22, 2023 | 0.690€ | 0% |
FAQ
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