UNH stock is trading inside the falling channel and forms lower high sequences. Recently, the stock has shown its intent to flip the ongoing trend and break the crucial range of $514 above the 200-day EMA. This downfall shows that bears are in control and not in the mood to shift it.
At press time, UnitedHealth stock was trading at $484.81 with an intraday minor loss of 1.65%, breaking below the 200-day EMA, showing bearishness on the charts. Moreover, the intraday trading volume is 2.928 Million, with an average 10-day volume of 2.704 Million. The market cap of UnitedHealth stock is $449.082 Billion.
However, UnitedHealth stock has been in a downtrend over the past few months and persisted in forming lower highs and lower lows sequences, facing rejection from the upper trendline, which acted as a barrier to exiting the trend. Moreover, the price action shows that UNH stock is facing selling pressure while the buyers have stayed on the back foot. In contrast, sellers have a strong edge and continue to make short positions.
What Technical Indicators Say of UNH Stock?
On the daily charts, UNH stock showed a falling channel pattern, and the price is near the lower trendline below the 50-day EMA, showing weakness on the charts. Recently, the stock bounced back from the channel lows but was rejected by the upper trendline.
UNH stock is now trading near the oversold zone at 44.70 showing a downfall from the neutral zone indicating sellers’ presence in the previous trading sessions. Red bars on the MACD signal bearish pressure. Furthermore, the chart shows sellers are gaining traction and preparing for the next bearish move.
Weekly-Time Horizon Analysis
The weekly charts of UNH stock reveal that the sellers have been dominant. The stock has been on a downward trend, as it has broken below the key EMAs. The technical indicators show neutral sentiment, as the RSI is in a neutral zone at 48. The MACD also gives a neutral outlook. However, price action signals that the stock may face more downside pressure in the coming weeks.
Summary
UnitedHealth Group (NYSE: UNH) technical oscillators also support the bearish trend. The MACD, RSI, and EMA are emphasizing negative signs and imply that the downtrend may continue in the UnitedHealth stock price. UNH Price action suggests that the investors and traders are bearish on the 1-D time frame. The price action reflects a bearish perspective at the moment.
Technical Levels
- Support Levels: S1 $464.03 and S2 $451.48.
- Resistance Levels: R1 $488.84, and R2 $501.39.
