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- 1 Dexcom’s price closed at $125.38, with an increase of +0.58% during the last trading session.
- 2 Dxcm stock price is trading above 20,50,100, and 200-day EMAs.
- 3 The year-to-return of Dexcom is 9.69%.
Dexcom, a medical device company, designs and develops continuous glucose monitoring (CGM) systems. The CGM system helps measure patients’ blood glucose levels and transmits that information into cell phone size devices in real time.
Dexcom’s stock price has been stuck in a broad consolidation ranging between $103.5 and $126 since November 2022. The bullish rally of DXCM stock started in September 2022 when the price rose from the support level of $80.
Recently, DXCM stock price formed support at the $113.60 level and initiated a bullish rally in the hopes of shattering the resistance level of $126. The consolidation has been going on for too long, indicating that the breakout would be highly intense.
On June 6, the candle closed as a Doji candle. If today’s candle can break the lower wick of the previously closed candle, traders might expect a short-term pullback in the price toward the $120 psychological level.
If bulls jump in the market to push the price above the resistance level of $126, there is a higher probability for the price to head toward the next resistance level of $135 and further toward the $145 level.
DXCM Price Expects FireWorks to Upside
In April, Dexcom released its quarter-one results which were positive. The company beats the consensus estimates of revenues and earnings per share.
Dexcom has a strong history of beating consensus estimates – in 17 out of 19 last quarters. The fundamentals and financial health of Dexcom are good, and the breakout can cause a massive move to the upside in the upcoming weeks.
Diabetes is also increasing in the United States and worldwide; DXCM can benefit from Solid healthcare tailwinds.
Will DXCM Stock Price Reach $133 Level?
DXCM stock price trades above the major EMAs – 20,50,100, and 200-day, indicating strong bullish momentum in the price. The Chaikin money flow score has been hovering near the 0 mark since the consolidation began. CMF closed at 0.08, indicating strength in the market but has started to dip.
Traders should wait for a candle to break and close above the resistance level of $126 before looking for any bids. On the other hand, if today’s candle breaks the lower wick of the previous day’s candle, there is a chance of short-term pullback. RSI closed at 63.78, suggesting strong bullish momentum in the price.
Conclusion
The market structure and price action for Dexcom stock price is bullish. The technical parameters are favoring the buying side. The concern with breakout is that the previous candle has closed bearish with a doji formation. Traders should wait for a candle to break and close above the resistance level of $126 before looking for bids.
Technical levels
Major support: $113.60 and $103.50
Major resistance: $126 and $133
Disclaimer
The views and opinions stated by the author, or any people named in this article, are for informational purposes only. They do not establish financial, investment, or other advice. Investing in or trading crypto assets comes with a risk of financial loss.
Nancy J. Allen is a crypto enthusiast, with a major in macroeconomics and minor in business statistics. She believes that cryptocurrencies inspire people to be their own banks, and step aside from traditional monetary exchange systems. She is also intrigued by blockchain technology and its functioning. She frequently researches, and posts content on the top altcoins, their theoretical working principles and technical price predictions.
