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

By Shiri Gupta

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 $291.14 and $292.00 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.

Based on a current price of $291.68, Unitedhealth Grp is currently 5.8% above its average consensus analyst price target of $274.83. The stock should find initial support at its 50-day moving average (MA) of $258.57 and further support at its 200-day MA of $245.39.

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.

In the past 52 weeks, Unitedhealth Grp share prices have been bracketed by a low of $208.07 and a high of $295.44 and are now at $291.68, 40% above that low price. The 200-day and 50-day moving averages have moved 0.28% higher and 1.64% higher over the past week, respectively.

SmarTrend recommended that subscribers consider buying shares of Unitedhealth Grp on October 15th, 2019 as our proprietary SmarTrend analytics indicated a new Uptrend was in progress when shares hit $235.47. Since that recommendation, shares of Unitedhealth Grp have risen 24.0%. We continue to monitor UNH for any potential shift so investors can protect gains and will alert SmarTrend subscribers immediately.

Keywords: bearish inside day candle unitedhealth grp

Ticker(s): UNH