UnitedHealth Stock Price Levels to Watch After Extended Sell-Off | Global News Avenue

UnitedHealth Group (united nations institutes of healthUnitedHealthcare’s shares have been falling since the company’s chief executive was killed in New York on Dec. 4.

The stock’s decline has Dow Jones index records longest losing streak in 50 yearswhich has also been exacerbated by recent pressure from Washington Pharmacy Benefit Manager (PBM)A third-party administrator who oversees drug plans on behalf of a major insurance company, such as UnitedHealth Group.

Earlier this week, lawmakers unveiled a federal spending bill that includes a series of PBM proposals focused on spread pricing, rebates and reporting transparency. However, analysts said the bill would allow PBMs enough time to adjust their business practices with minimal impact on health insurers’ bottom lines.

UnitedHealth shares fell 2.1% to $489.25 on Thursday, having fallen 20% since Dec. 4. The stock has fallen 7% since the beginning of the year.

Next, let’s take a look technical About UnitedHealth Weekly chart Identify key price levels worth watching.

200-week moving average provides historical support

After setting up new record high In early November, UnitedHealth stock traded sideways Weeks later, some of the highs earlier this month began to fall sharply volume Since the low point of the epidemic in 2020.

However, the stock found buying interest near its 200-week moving average (MA) during Wednesday’s trading session. Interestingly, the last two times prices closed below a closely watched weekly indicator time frameIn March 2020 and April this year, the stock rebounded 41% and 19% respectively over the next five weeks.

Let’s identify a few key support and resistance Investors will likely keep a close eye on the levels on UnitedHealth’s chart.

Key support levels worth paying attention to

A selloff below the 200-week moving average could send the price down to around $460. Investors may look for entry point This level is near the trend line connecting the November 2021 peak Between January 2022 and April this year, there were multiple troughs on the chart.

A close below this level could see the price revisit lower support near $430, a level on the chart where buyers are likely to choose. accumulation around outstanding stocks volatility high Established in May and August 2021.

Key resistance levels to monitor

Following the recovery, investors should first focus on the stock’s reaction to the $550 level. This level is currently slightly above the 50-week moving average and may provide resistance near the 50-week moving average. horizontal line It links a series of comparable price points on the chart from April 2022 all the way through December of this year.

Finally, a more bullish reversal could push the price towards around $610. Investors who purchased the stock at a lower price may consider Lock in profits close to a certain period merge below the stock’s record closing price.

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As of the date of this writing, the author did not own any of the securities mentioned.