RMD - Bullish Price Action

ResMed Inc. (RMD) - Bullish Price Action Analysis

Date: 28 Dec 2023

Overview: ResMed Inc. (RMD) is currently exhibiting signs of bullish price action. This analysis provides a potential trading outlook based on the stock's recent market behavior and technical analysis.

Current Market Observations:

Price Trend: RMD has shown a consistent upward trend in recent trading sessions, indicative of bullish momentum, breakout above resistance levels, bullish chart formations.

Supporting Technical Indicators: The bullish outlook is supported by moving averages, Relative Strength Index (RSI), MACD, which suggest ongoing upward momentum.

Trading Strategy:

Target Price: $191. This target is set considering Fibonacci retracement levels, chart pattern projections.

Stop Loss: Placed at $170 to mitigate potential risks. This level is selected based on ATR percentage.