UNH breaks above 20-day moving average for the first time since March 4th


UnitedHealth Group Incorporated (UNH) Technical Analysis Report for Mar 26, 2020 | by Techniquant Editorial Team

Highlights

UNH breaks above 20-day moving average for the first time since March 4th
UNH dominated by bulls lifting the market higher throughout the day
UNH closes higher for the 3rd day in a row
UNH pushes through Wednesday's high

Overview

Moving higher for the 3rd day in a row, UNH ended Thursday at 255.39 gaining $20.90 (8.91%), notably outperforming the Dow Indu. (6.38%). The bulls were in full control today, moving the market higher throughout the whole session. Closing above Wednesday's high at 247.51, the market confirmed its breakout through the prior session high after trading up to $10.45 above it intraday.

Daily Candlestick Chart (UNH as at Mar 26, 2020):

Daily technical analysis candlestick chart for UnitedHealth Group Incorporated (UNH) as at Mar 26, 2020

Thursday's trading range has been $25.66 (10.96%), that's above the last trading month's daily average range of $20.35. Weekly volatility is also higher, being way above the market's average weekly trading range. The longer-term, monthly volatility is currently strongly higher than usual for UNH.

One bullish candlestick pattern matches today's price action, the White Candle. The last time a White Candle showed up on Tuesday, UNH gained 6.68% on the following trading day.

The share managed to close above the 20-day moving average at 250.83 for the first time since March 4th.

The stock shows strength in the short-term supported by its long-term uptrend with only the medium-term trend being bearish.

Among the nine market conditions that our pattern recognition engine identified today, the statistics for the Support/Resistance based market condition "Bounced off Technical Support S2" stand out. Its common bullish interpretation has been confirmed for UnitedHealth Group. Out of 16 times, UNH closed higher 62.50% of the time on the next trading day after the market condition occurred. The optimal exit for swing trading this condition on the long side has been after 10 trading days, showing a win rate of 56.25% with an average market move of 0.17%.


Market Conditions for UNH as at Mar 26, 2020

Loading Market Conditions for UNH (UnitedHealth Group Incorporated)...
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