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

By Amy Schwartz

SmarTrend's candlestick scanner has spotted a possible bullish inside day candle pattern in Unitedhealth Grp (NYSE:UNH) based on the price action in the company's shares. Yesterday's price range of $226.03 and $230.10 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. Traders and investors interested in shares of Unitedhealth Grp may want to consider an appropriate entry level in the event a reversal to the upside transpires. It is important to look for confirmation.

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.

Potential upside of 19.4% exists for Unitedhealth Grp, based on a current level of $230.20 and analysts' average consensus price target of $274.83. Unitedhealth Grp shares should first meet resistance at the 50-day moving average (MA) of $251.57 and find additional resistance at the 200-day MA of $258.70.

Unitedhealth Grp share prices have moved between a 52-week high of $287.94 and a 52-week low of $220.77 and closed yesterday at 4% above that low price at $230.20 per share. Over the past week, the 200-day moving average (MA) has remained constant while the 50-day MA has declined 0.9%.

SmarTrend recommended that its subscribers protect gains by selling shares of Unitedhealth Grp on March 25th, 2019 by issuing a Downtrend alert when the shares were trading at $244.10. Since that call, shares of Unitedhealth Grp have fallen 8.6%. We are now looking for when a new Uptrend will commence and will alert SmarTrend subscribers in real time.

Keywords: bullish am inside day candle unitedhealth grp

Ticker(s): UNH