ResMed could regain its upward trend after having run out of steam.
According to Surperformance ratings, the group has strong fundamentals,as shown by the business predictability. In addition, analysts have recently revised upward their earnings estimates and now expect a profit of USD 2.19 per share for the current year.
ResMed is in an uptrend in the medium and long term, but the last bearish movement returns close to a major support level (USD 42.8), level corresponding to the 20-week moving average. This threshold, if preserved, will enable to enjoy the bullish movement towards the USD 48.4 resistance.
It seems opportune to take a long position around the USD 42.8 support area with in line of sight the USD 48.4 resistance. A stop loss must be placed under the USD 42.8 support.
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