MDT - Time for a recovery move

22 Oca 2023

MDT has not been making any lower low (closing price) in the weekly chart since W4 November 2022.


Last 4h candle is breaking out the downtrend line (peak line on 21- Apr-2022)


If the price can breakout $ 81.24 - 81.64 barrier, first target will be the flat target at $87.44


In the bigger picture, price around $95 will be the target for the upside (Fibo Retracement 0.5).


Oscillators-wise, Stochastic remain above 50 line, MACD remain above 0 line, and DPO is returning to the positive side.
Risk limit at $75.83 (6.3% risk).


for short-stop, you may use EMA50 line as your SL position.
the risk is around 2% at that point.


Note:
Disclaimer is always on.
Currently I do not have any possession of MDT stock in my portfolio.