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Is UNITEDHEALTH GROUP INC Ready to Break Out of Its Range?

By Mill Chart

Last update: Nov 23, 2023

Our stock screener has detected a potential breakout setup on UNITEDHEALTH GROUP INC (NYSE:UNH). This breakout pattern is observed when a stock consolidates following a strong upward movement. It's important to note that this pattern is based on technical analysis, and the actual breakout outcome is uncertain. However, it might be worth keeping an eye on NYSE:UNH.

UNH Daily chart on 2023-11-23

Technical Analysis Observations

At ChartMill, a crucial aspect of their analysis is the assignment of a Technical Rating to each stock. This rating, ranging from 0 to 10, is calculated daily by considering numerous technical indicators and properties.

Overall UNH gets a technical rating of 8 out of 10. Although UNH is only a medium performer in the overall market, the technical picture looks good in both the medium and short term time frames.

  • Both the short term and long term trends are positive. This is a very positive sign.
  • UNH is part of the Health Care Providers & Services industry. There are 115 other stocks in this industry. UNH outperforms 77% of them.
  • UNH is currently trading near its 52 week high, which is a good sign. The S&P500 Index however is also trading near new highs, which makes the performance in line with the market.
  • When comparing the yearly performance of all stocks, we notice that UNH is one of the better performing stocks in the market, outperforming 76% of all stocks. However, this overall good ranking is mostly due to the recent strong move.
  • In the last month UNH has a been trading in a tight range between 521.26 and 544.86.

Check the latest full technical report of UNH for a complete technical analysis.

Looking at the Setup

Besides the Technical Rating, ChartMill assigns a Setup Rating to every stock to determine the degree of consolidation. This rating, ranging from 0 to 10, is updated daily and evaluates various short-term technical indicators. NYSE:UNH currently holds a 8 as its setup rating, suggesting a particular level of consolidation in the stock.

Besides having an excellent technical rating, UNH also presents a decent setup pattern. Prices have been consolidating lately and the volatility has been reduced. There is a resistance zone just above the current price starting at 543.77. Right above this resistance zone may be a good entry point. There is a support zone below the current price at 539.62, a Stop Loss order could be placed below this zone.

How to trade NYSE:UNH?

A breakout could materialize when the stock breaks out to new highs above the current consolidation zone. One could wait for this to happen and buy when this happens. A stop loss could be placed below the consolidation zone.

This article should in no way be interpreted as trading advice. You should always make your own analysis and trade or not trade based on your own observations and style. The article is based purely on some technical observations.

Our Breakout screener lists more breakout setups and is updated daily.

Keep in mind

This article should in no way be interpreted as advice in any way. The article is based on the observed metrics at the time of writing, but you should always make your own analysis and trade or invest at your own responsibility.

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UNITEDHEALTH GROUP INC

NYSE:UNH (2/22/2024, 6:16:32 PM)

After market: 524.013 -2.49 (-0.47%)

526.5

+4.53 (+0.87%)

UNH News

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News Image4 hours ago - Yahoo FinanceUPDATE 1-UnitedHealth's Change Healthcare network hit by cybersecurity attack

UnitedHealth Group-owned Change Healthcare said on its status page that it was hit by a cybsecurity attack on its systems on Wednesday, and the disruption will last at least through the day. The Tennessee-based company, which is a national provider of healthcare cost transparency and consumer engagement solutions, said it was facing enterprise-wide connectivity issues that started at 05:05 ET (1005 GMT) on Wednesday. At this time, the issue is believed to be specific to Change Healthcare and all other systems across UnitedHealth Group are operational, a UnitedHealth spokesperson said in an emailed statement on Thursday.

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