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Downtrend Broken Resist.Archive
- 4/5/2024 -
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United Health Group Inc. (UNH) Technical Analysis
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| Summary:
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| | It was the negative week for the United Health Group Inc. (UNH). During the week, the UNH dropped -38.96 points, or -7.88%, and closed at 455.74 on Friday, April 5, 2024. Weekly volume was 79% 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 uptrend support line (471.86) is broken. Usually a broken support is considered to be a long-term bearish signal, but since daily indicators are oversold a short-term pull back is possible. UNH may retest the broken support line. It is considered to be a resistance line now. Use the following links to access Trend Support/Resistance Help, or use the Technical Stock Screener to see the list of stocks with broken trend support 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 449.60 on April 2, 2024. UNH lost 105.10 points, or 18.95%, in 17 weeks. The price is now at the 5.84% retracement level.
 Weekly Technical Indicators: [See UNH weekly technical indicators chart]
Weekly Williams' Percentage Range is strongly oversold. Use the Technical Stock Screener to see the list of stocks with weekly strongly oversold Williams' Percentage Range. 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 Williams' Percentage Range help.
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 downtrend had started on March 21, 2024 at 496.20 and reached 449.60 on April 2, 2024. UNH lost 46.60 points, or 9.39%, in 12 days. The price is now at the 13.18% retracement level.
Daily Technical Indicators: [See UNH daily technical indicators chart]
Daily Williams' Percentage Range is strongly oversold. Use the Technical Stock Screener to see the list of stocks with daily strongly oversold Williams' Percentage Range.
During the last week, daily MACD line has moved below its signal line. Such crossover is considered a bearish signal.
During the last week, the price has fallen below the Parabolic SAR (stop and reversal). A Parabolic SAR above the price is a bearish signal, and it indicates that momentum is likely to remain in the downward 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.
The price touches the lower Bollinger Band. The Bollinger Bands are often used with a non-oscillator indicator like chart patterns or a trendline. The signals are considered more reliable if these indicators confirm the recommendation of the Bollinger Bands. Use the following links to access the Bollinger Bands Help, or use the Technical Stock Screener to see the list of stocks with the price above the Upper Bollinger Band or below the Lower Bollinger Band.
 Candlestick pattern: [See UNH candlestick chart pattern]
On Friday the chart has formed a Bullish Meeting Lines Candlestick pattern. This pattern appears during a decline, and it is a sign that a potential bullish reversal is in play. The reliability of the Bullish Meeting Lines Candlestick pattern is medium. Use the Technical Stock Screener to see the list of stocks that had a Bullish Meeting Lines Candlestick pattern during the last week.
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