UnitedHealth Pushes Highs Before Earnings

1월 8일

UnitedHealth has consolidated for almost two years, and now some investors may expect its longer-term uptrend to continue.

The first pattern on today’s chart is the basing pattern over the course of 2023. Notice the lower lows in the first half, followed by higher lows in the second half. That may suggest buyers have regained control since the summer.

Second, the 50-day simple moving average (SMA) had a “golden cross” above the 200-day SMA in September. That can also reflect bullishness over the longer term.

Third, UNH recently bounced at its peak from July. Did old resistance become new support?

Fourth, the health insurer has remained below its record weekly close of $551.24. But this week could bring a catalyst for a potential breakout because earnings are due on Friday morning. (Notice how the stock jumped following its last two quarterly reports.)

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