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

By Nick Russo

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. Yesterday's price range of $256.43 and $258.45 is within the prior day'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.

Unitedhealth Grp share prices have moved between a 52-week high of $259.01 and a 52-week low of $183.86 and closed yesterday at 40% above that low price at $256.98 per share. In the last five trading sessions, the 50-day moving average (MA) has climbed 0.5% while the 200-day MA has risen 0.4%.

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.

Unitedhealth Grp (NYSE:UNH) has potential upside of 6.9% based on a current price of $256.98 and analysts' consensus price target of $274.83. The stock should discover initial support at its 50-day moving average (MA) of $247.15 and subsequent support at its 200-day MA of $227.87.

SmarTrend recommended that subscribers consider buying shares of Unitedhealth Grp on April 17th, 2018 as our proprietary SmarTrend analytics indicated a new Uptrend was in progress when shares hit $238.88. Since that recommendation, shares of Unitedhealth Grp have risen 8.3%. We continue to monitor UNH for any potential shift so investors can protect gains and will alert SmarTrend subscribers immediately.

Keywords: bearish am inside day candle unitedhealth grp

Ticker(s): UNH