MDT releases earnings on 5/19. After riding a somewhat vertical monthly line since 2012, it looks to have topped out. Over the last two days it has lost the 100sma and continues to push lower. Next area of support is around the $71, currently coinciding with the 200sma. Using the 7sma as a stop (highs of 5/6), target is $71 prior to earnings.
Nice retest. Close above resistance. Bullish on all time frames. A pull back would also be very buyable.
MDT expected to open at 77.50 for a Retest Gap. To learn to trade this strategy for free go to www.RealLifeTrading.com