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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 $190.88 and $192.31 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 Grp (NYSE:UNH) has potential upside of 2.6% based on a current price of $192.03 and analysts' consensus price target of $197.05. The stock should find initial support at its 50-day moving average (MA) of $127.45 and further support at its 200-day MA of $119.49.

Over the past year, Unitedhealth Grp has traded in a range of $132.39 to $196.04 and closed yesterday at $192.03, 45% above that low. Over the past week, the 200-day moving average (MA) has gone up 0.2% while the 50-day MA has advanced 0.8%.

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.

SmarTrend recommended that subscribers consider buying shares of Unitedhealth Grp on May 24th, 2017 as our proprietary SmarTrend analytics indicated a new Uptrend was in progress when shares hit $175.31. Since that recommendation, shares of Unitedhealth Grp have risen 8.8%. We continue to monitor UNH for any potential shift so investors can protect gains and will alert SmarTrend subscribers immediately.

Keywords: bullish am inside day candle unitedhealth grp

Ticker(s): UNH