Resmed

$ResMed Inc(RMD.AU)$ Resmed has had its own share of shareholder disappointments, the massive plunge in August last year being the most recent. After a continued plunge, and multi-month basing pattern, it has been a steady increase since the October low.

Importantly, the RMD price has reclaimed the long term trend ribbon, which itself has transitioned to neutral, and through February’s pullback, still managed to offer dynamic support.

The price action has swung back to rising peaks and rising troughs, and the candles are generally trending towards a greater proportion of demand-side examples. It could be better though – and I suggest the almighty $30 major historical supply point is impeding more bullish candles and price action.

It makes sense that if the RMD price can close above this point, and therefore dispense with the supply there, it should spell an easier run on an ex-post basis. Historical supply at 31.70 would likely then feature in upside calculations in this scenario.

Looking down, 28.67 is the key point of demand. As long as the RMD price remains above this, and also preferably the dynamic support of the short term uptrend ribbon, the short term uptrend remains intact.