Medtronic plc Stock Forecast
Red day on Tuesday for Medtronic plc stock after losing 0.250%
(Updated on Jun 18, 2024)
The Medtronic plc stock price fell by -0.250% on the last day (Tuesday, 18th Jun 2024) from $79.95 to $79.75. It has now fallen 4 days in a row. During the last trading day the stock fluctuated 1.49% from a day low at $79.17 to a day high of $80.35. The price has fallen in 7 of the last 10 days and is down by -4.23% for this period. Volume has increased on the last day by 1 million shares but on falling prices. This may be an early warning and the risk will be increased slightly over the next couple of days. In total, 7 million shares were bought and sold for approximately $523.59 million.
The stock is moving within a horizontal trend and further movements within this trend can be expected. Given the current horizontal trend, you can expect Medtronic plc stock with a 90% probability to be traded between $76.63 and $83.88 at the end of this 3-month period. A break of a horizontal trend is often followed by a large increase in the volume, and stocks seldom manage to go directly from the bottom of a trend up to the top. Stocks turning up in the middle of a horizontal trend are therefore considered to be potential runners.
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MDT 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 $81.39 and $82.49. A break-up above any of these levels will issue buy signals. A sell signal was issued from a pivot top point on Friday, May 17, 2024, and so far it has fallen -7.18%. 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 rose on falling prices yesterday. This may be an early warning and the stock should be followed more closely.
Support, Risk & Stop-loss for Medtronic plc stock
Medtronic plc finds support from accumulated volume at $79.25 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 with good liquidity the risk is considered very low in this stock. During the last day, the stock moved $1.18 between high and low, or 1.49%. For the last week the stock has had daily average volatility of 1.39%.
Our recommended stop-loss: We hold a negative evaluation for this stock. No stop-loss is set.
Trading Expectations (MDT) For The Upcoming Trading Day Of Thursday 20th
For the upcoming trading day on Thursday, 20th we expect Medtronic plc to open at $79.75, and during the day (based on 14 day Average True Range), to move between $78.39 and $81.11, which gives a possible trading interval of +/-$1.36 (+/-1.70%) up or down from last closing price. If Medtronic plc takes out the full calculated possible swing range there will be an estimated 3.41% move between the lowest and the highest trading price during the day.
Since the stock is closer to the support from accumulated volume at $79.25 (0.63%) than the resistance at $81.37 (2.03%), 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 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: -3.840 Sell Candidate Unchanged
Predicted Opening Price for Medtronic plc of Thursday, June 20, 2024
| Fair opening price June 20, 2024 | Current price |
|---|---|
| $79.75 ( 0.0042%) | $79.75 |
The predicted opening price is based on yesterday's movements between high, low, and closing price.
Trading levels for MDT
Fibonacci Support & Resistance Levels
| Level | Price | |
|---|---|---|
| R3 | 80.93 | 1.48% |
| R2 | 80.48 | 0.92% |
| R1 | 80.20 | 0.569% |
| Price | 79.75 | |
| S1 | 79.30 | -0.561% |
| S2 | 79.02 | -0.91% |
| S3 | 78.57 | -1.48% |
Accumulated Volume Support & Resistance Levels
| Level | Price | |
|---|---|---|
| R3 | 86.92 | 8.99% |
| R2 | 81.38 | 2.04% |
| R1 | 81.37 | 2.03% |
| Price | 79.75 | |
| S1 | 79.25 | -0.627% |
| S2 | 79.19 | -0.702% |
| S3 | 79.08 | -0.84% |
MDT Dividend Payout History
| # | Ex-Date | Pay Date | Amount | Yield | |
|---|---|---|---|---|---|
| 1 | May 22, 2024 | Jun 28, 2024 | Jul 12, 2024 | $0.700 | 0.88% |
| 2 | Mar 07, 2024 | Mar 21, 2024 | Apr 12, 2024 | $0.690 | 0.86% |
| 3 | Dec 07, 2023 | Dec 19, 2023 | Jan 12, 2024 | $0.690 | 0.789% |
| 4 | Aug 17, 2023 | Sep 21, 2023 | Oct 13, 2023 | $0.690 | 0.96% |
| 5 | May 24, 2023 | Jun 22, 2023 | Jul 14, 2023 | $0.690 | 0.787% |
FAQ
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