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

By David Diaz

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 $238.24 and $251.60 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 (NYSE:UNH) has potential upside of 13.4% based on a current price of $242.45 and analysts' consensus price target of $274.83. Unitedhealth Grp shares should first meet resistance at the 200-day moving average (MA) of $258.53 and find additional resistance at the 50-day MA of $272.77.

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 $187.72 and a high of $306.71 and closed yesterday at $242.45, 29% above that low price. The 200-day and 50-day moving averages have moved 0.15% lower and 2.29% lower over the past week, respectively.

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

Keywords: bearish am inside day candle unitedhealth grp

Ticker(s): UNH