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

By Amy Schwartz

SmarTrend's candlestick scanner has spotted a possible bullish inside day candle pattern in UnitedHealth (NYSE:UNH) based on the price action in the company's shares. Today's price range of $135.87 and $136.60 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. Traders and investors interested in shares of UnitedHealth may want to consider an appropriate entry level in the event a reversal to the upside transpires. It is important to look for confirmation.

In the past 52 weeks, UnitedHealth share prices have been bracketed by a low of $95.00 and a high of $144.48 and are now at $135.91, 43% above that low price. The 200-day and 50-day moving averages have moved 0.15% higher and 0.77% 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.

Potential upside of 4.3% exists for UnitedHealth, based on a current level of $135.91 and analysts' average consensus price target of $141.80. The stock should discover initial support at its 50-day moving average (MA) of $127.45 and subsequent support at its 200-day MA of $119.49.

SmarTrend is monitoring the recent change of momentum in UnitedHealth. Please refer to our Company Overview for the results of our proprietary technical indicators that have been scanning shares of UnitedHealth in search of a potential trend change.

Keywords: bullish inside day candle UnitedHealth

Ticker(s): UNH