Medtronic stock price is riding the bullish wave due to last week’s release of its financial results. This report revealed that the MedTech giant beat Wall Street expectations by reporting total sales of $7.98 billion during its second fiscal quarter. This was well above the market forecasts of $7.93 billion.
This resulted in a gap-up opening in the stock of Medtronic plc, pushing it above a crucial resistance level, which I will mention later. The most prominent factor in the last quarter was the firm’s newly launched MiniMed 780G diabetes device, which contributed to a 6.7% uptick in Medtronic’s diabetes devices.
However, the stock is currently facing some resistance from the $79 level. The ongoing consolidation might not last long as bulls may target the middle of the current trading range around $82 soon.
This bullish Medtronic price prediction is based on the fact that the price has reclaimed the previous range lows which usually gets followed by a retest of the range mids.
Due to a major price gap below $78, there is also a possibility of a retest of the $76 support. This level could be a major line in the sand for many traders.
In the meantime, I’ll keep updating the outlook on MDT on my X account, where you are welcome to follow me.
This post was last modified on Nov 28, 2023, 19:18 GMT 19:18