UNH closes higher for the 2nd day in a row
United Health Group Inc. (UNH) Technical Analysis Report for May 17, 2018
Moving higher for the 2nd day in a row, UNH finished Thursday at 242.96 gaining $1.24 (0.51%). Today's closing price of 242.96 marks the highest close since January 29th. Closing above Wednesday's high at 241.81, the share confirms its breakout through the previous session's high having traded $1.75 above it intraday. Ending with a strong close near the high of the day sets a bullish note for the next session.
Thursday's trading range was $3.02 (1.25%), that's far below last trading month's daily average range of $4.11. Things look different on a weekly scale, where volatility is slightly above the markets average with the monthly volatility being below average.
Prices are trading close to a key support level at 241.67.
The trend is clearly bullish, showing an intact uptrend in the short, medium and long-term.
Buying might speed up should prices move above the nearby swing high at 243.67 where further buy stops could get activated. Selling might accelerate should prices move below the close-by swing low at 238.57 where further sell stops could get triggered. With prices trading close to this year's high at 250.79, upside momentum might speed up should the stock be able to break out to new highs for the year.
While classical technical analysis indicates a neutral sentiment for the next trading day, our quantitative statistics show a different picture being very bullish.