The Greedy Trader Weekly Analysis
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- 3/15/2024 -
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United Health Group Inc. (UNH) Technical Analysis

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Summary:
Weekly :
Daily :Stochastic signal line moved above oversold areaDaily  MACD line has moved above its signal lineThe price has risen above the Parabolic SAR
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It was a first positive week for the United Health Group Inc. (UNH). During the week, the UNH gained 14.25 points, or 2.99%, and closed at 490.82 on Friday, March 15, 2024. It was the best weekly gain since October 13, 2023. Weekly volume was 16% above average.

Long-term trend: [See UNH long-term trend chart]
A long-term uptrend had started on January 24, 2023 at 436.51 and reached 554.70 on December 1, 2023. UNH gained -118.19 points, or -27.08%, in 44 weeks. The chart has formed a Rising Channel chart pattern. The trend support level is at 470.15 and resistance is at 561.13. A Rising Channel represents price movement contained between parallel lower (support) and upper (resistance) trend lines. Trading Channeling stocks is one of the most reliable and accurate trading techniques that provide traders with precise entry and exit points as well as stop-losses and take-profit recommendations. Use the following link to access a Rising Channel chart pattern help, or use a Technical Stock Screener to see the list of stocks with Rising Channel pattern in a long-term trend.

Medium-term trend: [See UNH medium-term trend chart]
A medium-term downtrend had started on December 1, 2023 at 554.70 and reached 468.19 on March 6, 2024. UNH lost 86.51 points, or 15.60%, in 13 weeks. The chart has formed a Broadening Descending Wedge chart pattern. The trend support level is at 422.89 and resistance is at 528.03. A Broadening Descending Wedge pattern is considered to be a reversal formation. It usually appears in a mature trend, characterized by overbought/oversold long-term and short-term indicators, and often generates divergence on long-term indicators. Use the following link to access a Broadening Descending Wedge chart pattern help, or use a Technical Stock Screener to see the list of stocks with Broadening Descending Wedge pattern in a medium-term trend.

Weekly Technical Indicators: [See UNH weekly technical indicators chart]
Weekly technical indicators are neutral.

The weekly MACD line is below its signal line since January 5, 2024. This is an indication that the medium-term trend is down. The distance between MACD and the signal line is near its high and getting bigger. It indicates that the current medium-term downtrend is strong. Use the following link to access a MACD help.

Short-term trend: [See UNH short-term trend chart]
A short-term uptrend had started on March 6, 2024 at 468.19 and reached 496.00 on March 13, 2024. UNH gained -27.81 points, or -5.94%, in 7 days. The price is now at the 18.63% retracement level.

Daily Technical Indicators: [See UNH daily technical indicators chart]
Daily technical indicators are neutral. During the last week, daily Lane's Stochastic signal line (%D) has moved above oversold area. Such crossover is considered a bullish signal. Oscillators are designed to signal a possible trend reversal. They can act as alerts and should be taken in conjunction with other technical analysis tools. Oscillators can be used to confirm other technical signals. Use the following link to access Lane's Stochastic help.

During the last week, daily MACD line has moved above its signal line. Such crossover is considered a bullish signal.

During the last week, the price has risen above the Parabolic SAR (stop and reversal). A Parabolic SAR below the price is a bullish signal, and it indicates that momentum is likely to remain in the upward direction. A Parabolic SAR is used as a trailing stop loss for long or short positions. It works best during strong trending periods. Use the following links to access Parabolic SAR Help, or use the Technical Stock Screener to see the list of stocks with the Parabolic SAR close to the price level.

Daily Oscillators
Description Value Status Divergence Chart
Relative Strength Index (RSI) 27.90
Williams' Percentage Range (W%R) 70.20
Lane's Stochastic (%D-Slow) 70.59
Greed/Fear Indicator (GFI) 42.77
Moving Average Converg./Diverg. (MACD) -8.34
Weekly Oscillators
Description Value Status Divergence Chart
Relative Strength Index (RSI) 32.63
Williams' Percentage Range (W%R) 77.70
Lane's Stochastic (%D-Slow) 38.11
Greed/Fear Indicator (GFI) 34.68
Moving Average Converg./Diverg. (MACD) 2.83
Trading Signals
Description Value Chart
Quarterly Trendline Resistance 561.13
Upper Bollinger Band 533.13
Monthly Trendline Resistance 528.03
50 Day Moving Average 510.15
20 Day Moving Average 498.39
Price 490.82
Weekly Stochastic Crossing 490.19
Daily Stochastic Crossing 488.39
Quarterly Trendline Support 470.15
Parabolic System 468.84
Lower Bollinger Band 457.56
Monthly Trendline Support 422.89
Sector and Industry
Description Name Rank
Sector Health Care 6
Industry Managed Health Care 26
Daily Trend
Description Value
Direction Up
Chart Pattern Uptrend
Low 468.19
Low Date 03/06/2024
High 496.00
High Date 03/13/2024
Weekly Trend
Monthly Trend
Description Value
Direction Down
Chart Pattern DownTrend
Status
Resistance
Support
High 532.81
High Date 02/26/2024
Low 468.19
Low Date 03/06/2024
Description Value
Direction Down
Chart Pattern Broadening Descending Wedge
Status Valid
Resistance 528.03
Support 422.89
High 554.70
High Date 12/01/2023
Low 468.19
Low Date 03/06/2024
Quarterly Trend
Yearly Trend
Description Value
Direction Up
Chart Pattern Rising Channel
Status Valid
Resistance 561.13
Support 470.15
Low 436.51
Low Date 01/24/2023
High 554.70
High Date 12/01/2023
Description Value
Direction Up
Chart Pattern Uptrend
Status
Resistance
Support
Low 14.51
Low Date 10/10/2008
High 558.10
High Date 10/31/2022
Warning: TheGreedyTrader.com presents weekly analysis. Technical indicators and trend parameters are calculated for the close of business day indicated on the top right corner of the screen.