stock
Medtronic (MDT-N, Monday’s close US$105.33) declined from US$135.89 in 2021 to US$75.77 in 2022 (A-B) while trading below a falling trendline (dotted line) and the falling 40-week Moving Average (40wMA). The stock then settled in a horizontal trading range mostly between US$75 and US$92 (dashed lines). The recent advance above the top of this range signaled a breakout and the start of a new uptrend toward higher targets (C).
Behaviour indicators including the rising 40wMA and the rising trendline (solid line) confirm the bullish status. A modest pullback toward US$97–99 would offer a more attractive entry point. Only a sustained decline below US$92-93 would be negative.
Point & Figure measurements provide targets of US$110 and US$120. The large trading range (dashed lines) supports higher targets.
Monica Rizk is the Senior Technical Analyst of the Phases & Cycles publication (www.capitalightresearch.com). Chart, courtesy of www.LSEG.com