Medtronic Plc Tanks After FDA Warning Letter, Watch This Trade Level
This morning, leading health care equipment maker and supplier, Medtronic plc (MDT), is trading lower by 6.77% to $104.17 a share. The company announced that it received a warning letter from the FDA for its diabetes facility. Medtronic plc (MDT) said that they were implementing a range of corrective actions and will review these actions with the FDA. The stock has already been trending down since September 9th, 2021. At that time, the share price traded as high as $135.89. Today, the stock is testing the 200-week moving average, but this is a minor support level at this time and further downside looks likely.
The next major support level for Medtronic plc (MDT) stock will be around the $95.00 level. This key support area is where the stock staged a major reversal week which led to a new uptrend and ultimately a new all-time high. This support area is also a major retrace level on the larger time-frame adding more strength to this key level. I would look to be a buyer of Medtronic plc (MDT) stock when it tests the important $95.00 area.
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