Medical Equipment Stock ResMed (RMD) to Add to Your Portfolio By: Schaeffer's Investment Research | June 6, 2023
• ResMed stock usually outperforms in June
• Plus, 24 stocks that could be a good bet for bulls this month
Medical equipment name ResMed Inc (NYSE:RMD) is looking to snap a four-day win streak, down 0.3% at $221.33 at last glance. The stock is grappling with its 20-day moving average, but still sports a 6.3% year-to-date lead. Now could be the perfect time weigh in on RMD, too, as it landed on Schaeffer's Senior Quantitative Analyst Rocky White's list of best S&P 500 Index (SPX) stocks to own this month.
Per White's data, RMD finished higher in eight of the past 10 years, bringing its average one-month return for June to of 5.7%. From its current perch, a similar magnitude could put RMD near levels not seen since mid-May.
Short-term options traders have been much more bearish than usual, per the security's Schaeffer's put/call open interest ratio (SOIR), which sits higher than just 2% of readings from the past 12 months.
Those looking to speculate with options are in luck. ResMed stock is seeing attractively priced premiums at the moment, per its Schaeffer's Volatility Index (SVI) of 22%, which sits in the low 4th percentile of its annual range.
Information posted to this board is not meant to suggest any specific action, but to point out the technical signs that can help our readers make their own specific decisions. Caveat emptor! • DiscoverGold
Register for free to join our community of investors and share your ideas. You will also get access to streaming quotes, interactive charts, trades, portfolio, live options flow and more tools.