Healthcare Stocks Outperforming in Recent Months
While many investors have been focused on technology-related themes, the healthcare sector has quietly been outperforming. Over the past two months, the Health Care Select Sector SPDR Fund (XLV) has surged over 6%, compared to the Nasdaq-100 being down about 3% and the S&P 500 up just under 2%. This presents an interesting opportunity for investors to explore.
One stock that is catching the eye of investors is Medtronic, Inc. (MDT). The company is showing a rare bullish chart pattern known as an “inverted complex head and shoulders” pattern. This pattern indicates a long-term consolidation followed by an upside thrust, with Medtronic recently breaking above trendline resistance.
The weekly chart for Medtronic shows that the stock has been trading in a range between $70 and $90 since 2022, following a significant sell-off in 2021. The breakout above trendline resistance and the 150-week moving average suggests that Medtronic could have potential upside to at least $110, especially if it can surpass Fibonacci resistance around $94.50.
As the market environment shifts and leading growth names appear vulnerable, finding bullish patterns like the one in Medtronic can make a significant difference for investors looking for opportunities in the equity landscape.
At Extreme Investor Network, we are constantly monitoring the market for hidden gems like Medtronic that have the potential for significant upside. Stay tuned for more insights and investment opportunities to help you achieve your financial goals. Remember, before making any investment decisions, it’s always wise to consult with your own financial advisor to ensure it aligns with your unique circumstances and goals.
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Disclaimer: The information provided is for informational purposes only and does not constitute financial, investment, tax, or legal advice. Always seek advice from a qualified financial advisor before making any financial decisions.