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Will UnitedHealth Group (UNH) Break Out? | The Mesh Report

Will UnitedHealth Group (UNH) Break Out?

Christian Tharp, CMT September 9, 2022 Comments Off on Will UnitedHealth Group (UNH) Break Out?

UnitedHealth Group, Inc. (Health) engages in the provision of health care coverage, software, and data consultancy services. It operates through the following segments: UnitedHealthcare, OptumHealth, OptumInsight, and OptumRx.

Take a look at the 1-year chart of United (NYSE: UNH) below with the added notations:

Chart of UNH provided by TradingView

Twice over the past several months, UNH has stalled at its $553 resistance (yellow) level. That level is also the stock’s 52-week high barrier. A break above that $533 mark most likely means another leg higher for UNH.

The Tale of the Tape: UNH has a 52-week resistance at $533. The possible long position on the stock would be on a breakout above that level with a stop placed under it.

Before making any trading decision, decide which side of the trade you believe gives you the highest probability of success. Do you prefer the short side of the market, long side, or do you want to be in the market at all? If you haven’t thought about it, review the overall indices themselves. For example, take a look at the S&P 500. Is it trending higher or lower? Has it recently broken through a key resistance or support level? Making these decisions ahead of time will help you decide which side of the trade you believe gives you the best opportunities.

No matter what your strategy or when you decide to enter, always remember to use protective stops and you’ll be around for the next trade. Capital preservation is always key…

Good luck!

Christian Tharp, CMT

ATTENTION READERS!

Do NOT trade options until you watch this video:



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