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Technical Setup: UNITEDHEALTH GROUP INC Appears Poised for a Breakout.

By Mill Chart

Last update: Dec 7, 2023

UNITEDHEALTH GROUP INC (NYSE:UNH) has been identified as a Technical Breakout Setup Pattern by our stock screener. This pattern typically occurs when a stock takes a pause after a significant rise, indicating the possibility of a continuation in the trend. While it's impossible to predict with certainty, it might be beneficial to monitor NYSE:UNH.

UNH Daily chart on 2023-12-07

Insights from Technical Analysis

ChartMill utilizes a proprietary algorithm to assign a Technical Rating to every stock. This rating, ranging from 0 to 10, is computed daily by analyzing a variety of technical indicators and properties.

We assign a technical rating of 8 out of 10 to UNH. This is due to a decent performance in both the short and medium term time frames. Compared to the overall market, UNH is only an average performer.

  • Both the short term and long term trends are positive. This is a very positive sign.
  • 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.
  • Looking at the yearly performance, UNH did better than 76% of all other stocks. However, this relatively good performance is mostly due to a recent big move.
  • UNH is part of the Health Care Providers & Services industry. There are 116 other stocks in this industry, UNH did better than 68% of them.
  • In the last month UNH has a been trading in a tight range between 528.34 and 554.70.

For an up to date full technical analysis you can check the technical report of UNH

Looking at the Setup

Next to the Technical Rating, the Setup Rating of a stock determines to which extend the stock is consolidating. This score also ranges from 0 to 10 and is updated daily. The setup score evaluates various short term technical indicators. For NYSE:UNH this score is currently 9:

UNH has an excellent technical rating and 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 549.54. Right above this resistance zone may be a good entry point. There is a support zone below the current price at 545.96, a Stop Loss order could be placed below this zone. Very recently a Pocket Pivot signal was observed. This is another positive sign.

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.

Please note that this article should not be construed as trading advice. The information provided is solely based on automated technical analysis and serves to highlight technical observations. It is important to conduct your own analysis and make trading decisions based on your own judgment and responsibility.

More breakout setups can be found in our Breakout screener.

Keep in mind

This is not investing advice! The article highlights some of the observations at the time of writing, but you should always make your own analysis and invest based on your own insights.



NYSE:UNH (2/22/2024, 11:39:08 AM)


-1.17 (-0.22%)

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