This underperforming health care stock is ready for a turnaround, according to the charts

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This underperforming health care stock is ready for a turnaround, according to the charts

Large cap medical devices manufacturer Medtronic (MDT) has been a notable laggard in the market over the past few years… and over the past decade… And yet, just of late, the stock is exhibiting characteristics suggestive of a bottom. As such, we’re buyers here. In terms of MDT’s chart pattern itself we would characterize the current circumstance as a stock in the throes of a “bearish-to-bullish” reversal. Having lost half its value from its $136 peak in late 2021 to its $69 low in late 2023, MDT has recovered to the $90+/- level and is judged headed to the $105+/- level in the weeks/months ahead. -Carter Braxton Worth For actionable recommendations via email and live nightly videos become a member at worthcharting.com DISCLOSURES: (None) All opinions expressed by the CNBC Pro contributors are solely their opinions and do not reflect the opinions of CNBC, NBC UNIVERSAL, their parent company or affiliates, and may have been previously disseminated by them on television, radio, internet or another medium. THE ABOVE CONTENT IS SUBJECT TO OUR TERMS AND CONDITIONS AND PRIVACY POLICY . THIS CONTENT IS PROVIDED FOR INFORMATIONAL PURPOSES ONLY AND DOES NOT CONSITUTE FINANCIAL, INVESTMENT, TAX OR LEGAL ADVICE OR A RECOMMENDATION TO BUY ANY SECURITY OR OTHER FINANCIAL ASSET. THE CONTENT IS GENERAL IN NATURE AND DOES NOT REFLECT ANY INDIVIDUAL’S UNIQUE PERSONAL CIRCUMSTANCES. THE ABOVE CONTENT MIGHT NOT BE SUITABLE FOR YOUR PARTICULAR CIRCUMSTANCES. BEFORE MAKING ANY FINANCIAL DECISIONS, YOU SHOULD STRONGLY CONSIDER SEEKING ADVICE FROM YOUR OWN FINANCIAL OR INVESTMENT ADVISOR. Click here for the full disclaimer.

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#underperforming #health #care #stock #ready #turnaround #charts

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