Medical-device giant Medtronic will post its Q1 earnings of fiscal year 2017 before the opening bell on Thursday (25/8). According to Wall Street consensus estimation, market expected the company to report earnings of $1.01 per share, lower than the reading of $1.02 for the same quarter last year. The revenue estimate is at $7.17 billion, compared with the revenue of $7.27 billion for the first quarter of fiscal year 2016. A gloomy outlook has dragged down aggressively the shares of Medtronic during yesterday’s trading session.
Fig. MDT H1 Technical Chart
On the hourly chart, the price experienced the 3-hour down move and currently settling at 86.68. RSI(14) edging down to 35.3486 indicated that the selling power is getting the dominance. Moreover, the parabolic SAR continued to cast the shadow over the price chart, suggesting that the bearish trend would obtain more strength for some time. Further falls to the lower line of the rectangular channel of 86.40 is about to be tested.