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Possible Bearish Inside Day Candle Pattern Detected for Unitedhealth Grp (NYSE:UNH)

By James Quinn

SmarTrend's candlestick scanner has spotted a possible bearish inside day candle pattern in Unitedhealth Grp (NYSE:UNH) based on the price action in the company's shares. Today's price range of $249.10 and $249.88 is within yesterday's high and low of the day. This trading action often signifies indecision by bulls and bears to drive prices higher or lower and often implies a possible change in trend. Owners of Unitedhealth Grp may want to consider a possible hedge in the event a pullback occurs. Look for confirmation in the next few trading days.

Over the past year, Unitedhealth Grp has traded in a range of $208.07 to $287.94 and is now at $249.29, 20% above that low. The 200-day and 50-day moving averages have moved 0.05% lower and 0.17% higher over the past week, respectively.

UnitedHealth Group Incorporated owns and manages organized health systems in the United States and internationally. The Company provides employers products and resources to plan and administer employee benefit programs. UnitedHealth also serves the health needs of older Americans, provides specialized care services, and provides health care information and research to providers and payers.

There is potential upside of 10.2% for shares of Unitedhealth Grp based on a current price of $249.29 and an average consensus analyst price target of $274.83. Unitedhealth Grp shares should encounter resistance at the 200-day moving average (MA) of $256.40 and support at the 50-day MA of $240.30.

SmarTrend is tracking the current trend status for Unitedhealth Grp and will alert subscribers who have UNH in their portfolio or watchlist when shares have changed trend direction.

Keywords: bearish inside day candle unitedhealth grp

Ticker(s): UNH