Adding a weekly chart view to the daily chart view of a stock highlighted in #863.
The stock is medical device company, Medtronic (MDT). This stocks is not a growth stock and is a relative value in a healthcare sub-sector not known for moderate valuations. I think this one works as a “bull stock” to a degree, but also with a more defensive slant as a large healthcare company.
The note with the daily chart stated:
Finally, one of the more reasonably valued medical device companies, MDT. It is at the junction of the moving averages that are about to “Death Cross”, ha ha ha. I expect a rally and may even add a second position.
Here is the weekly, showing a larger basing pattern that MDT broke upward from, failed, broke upward from and failed again. Now it is re-taking the breakout line. Below that line (86) can be used as a stop loss. Tight or loose, depending on risk tolerance. I don’t want to see it drop below again.
I added a 2nd position this morning.
NFTRH+ trade setup ideas are presented for consideration and further research only, not as recommendations. I may or may not personally take positions in all or even most NFTRH+ ideas, as it would depend on my portfolio composition at any given time. “Stop loss” and target levels are usually noted and should be respected.
