ResMed is involved in the development, manufacturing, distribution, and marketing of medical devices for sleeping-related disorders.
“The share price for ResMed, along with other high-growth businesses, has recently come under pressure because of rising interest rates, however, it appears as though the selling is now over and ResMed shares look set to recover from here,” Micheal said.
“After breaking major support (see the horizontal line in the chart below) in January, the share price managed to hold in fairly well and then it bounced back up to retest that old support level.
“In the last several weeks, we can see that it formed a couple of higher lows as it tried again on a few occasions to get back above that old support level.
“Last week finally saw it gap up above that line and hold on (see the circled area).
“Now that it has cleared these major levels, we can be quite confident that not only is a low in place, but RMD should now be heading higher again.
“At the very least we expect a retest of $40,” he concluded.
Resmed Inc (RMD)
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