The USD 55.3 support area, currently tested, might facilitate a technical rebound. The company’s fundamentals could validate this scenario.

ResMed is oversold and near to USD 55.3, which is a pertinent support for the stock in daily data. This situation gives credit to a potential technical rebound. Thus, the stock could find new energy and would rise towards the next resistance.

Therefore, the return on the USD 55.3 support is an opportunity to open a long trade in ResMed. The first goal is a return in the USD 59.7 resistance area, that is a potential of 7.8%.
In fact, the security has to cross this area in order to re-establish a bullish trend in the short term. A stop loss order can be placed under the support currently tested.