ResMed (RMD) is involved in the development, manufacturing, distribution, and marketing of medical devices for sleeping-related disorders.
“In April this year, ResMed’s share price took a hit on the back of a quarterly report that highlighted supply issues and rising costs in the business,” Michael said.
“However, since then, its share price has recovered from these falls and has been outperforming the general market since early May.
“The share price is now in the area of some major resistance levels, which means that it is a chart worth keeping an eye on.
“Firstly, we had a major resistance line just above $31 (see the horizontal blue line).
“This was an old support level from earlier this year.
“In the past few days, RMD has broken back above this line, which is a positive sign.
“Now it is sitting right under the downtrend line that has been in place since September 2021 (see the diagonal blue line).
“This is the last major test for RMD.
“If we can see it push above this line and start trading in the high $32’s, then we can say that RMD has broken the downtrend and is ready to trend higher once again,” Michael concluded.
ResMed Inc (RMD)
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