August 19 Chart of the Day - Medtronic

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Medtronic (MDT) is a global healthcare technology company that develops medical devices and therapies to treat more than 70 health conditions.

The company reports earnings before market open on Tuesday so we wanted to review their chart from a price action technical analysis perspective.

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Monthly Chart 

On the monthly chart we can see that after setting its $135.89 all time high (ATH) back in 2022 price fell dramatically all the way down below the $70 area over the next several months. 

Since then, price has bounced slightly and seemingly deciding whether to continue upwards or fade back to the downside.

Weekly Chart

 
On the weekly chart we can see with much more clarity the dramatic fall from ATHs, and the recent bounce back up.  The bulls are attempting to make a series of higher highs and higher lows.

Trading around $84.75 earlier today price may be attempting to establish its next higher high.

The market is implying about a $3.25 move in either direction as marked on the weekly chart by this Friday August 23.  Share price has risen during the week of earnings 5 of the last 8 quarters.

Could earnings be the catalyst that pushes price to its next higher high or will price continue fading?

Only time will tell for sure what price will do next...

We've layered in traditional Fibonacci levels as well as support/resistance and trend to help identify potential price levels of interest and/or future price targets.

Armed with precision oriented charts like these both traders and investors can formulate their respective plans. 

So what's next?