Shares of medical device maker Medtronic plc ( MDT) were cut to a "sell" rating by UBS Wednesday. Let's review the condition of the charts and indicators.
In this daily bar chart of MDT, below, I see a mixed picture. Prices declined from April to December. Prices bounced into early February where they failed at the underside of the declining 200-day moving average line. MDT has made, for now, a slightly higher low in March. The 50-day moving average line is cresting and prices trade below it. Trading volume was heavy in November and December and suggest we may have seen a change of ownership from weak hands to stronger hands.
The On-Balance-Volume (OBV) line rose from October to February before weakening in March. The Moving Average Convergence Divergence (MACD) oscillator is below the zero line and trying to generate a cover shorts buy signal. 
In this weekly Japanese candlestick chart of MDT, below, I see a mixed picture. Prices are in a longer downward trend from 2021. Prices have not made a new low recently to refresh the downtrend and that is a minor positive. The slope of the 40-week line is bearish.
The weekly OBV line has been moving sideways since July. The trend-following MACD oscillator has improved in 2023 after a sideways move last year.
In this daily Point and Figure chart of MDT, below, I can see a potential downside price target in the $67 area.
In this weekly Point and Figure chart of MDT, below, I see the same $67 price target as the daily chart above. A trade at $74 should refresh the downtrend.
Bottom line strategy: Downgrades to sell by fundamental analysts typically come "late in the game", so if we see MDT decline to a new low for the move down we should not become too bearish. This is part of the basing process.
