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BREAKING NEWS
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Long term technicals support UnitedHealth Group Inc. (NYSE:UNH) Bulls

Posted On 19 Jul 2013
By : Lisa Johnson
Comment: 0
Tag: NYSE:UNH, UnitedHealth Group Inc. (NYSE:UNH)

Denver, CO, 07/19/2013 (Avauncer.com) –UnitedHealth Group Inc. (NYSE:UNH) (Closed: $70.55, Up: 6.52%) jumped to a new life high after the company announced a much better than expected quarterly result. The market expressed its amazement by taking the price at a new high in the opening moments and keeping it there for the whole session. The volume was supportively higher too at 14 million against the average volume of 5.5 million.

Technically, the biggest support for the bull run comes from the big Inverse Head & Shoulder pattern seen in the long term chart. The first drop from 2005 high of $64.61 made the left Shoulder, the drop from the 2007 high at $59.46 to the 2008 low at $14.51 and the subsequent rally to the 2012 top at $60.75 created the Head and the fall from $60.75 to the August 2012 low at $54.30 made the right Shoulder and completed the pattern. The price broke out of the pattern in the first week of this April when it moved above $60.75 and breached the neckline at $61.

The whole fall from the 2005 top to 2008 bottom was a Triple Corrective in Elliott Wave parlance, where the last part of the correction was a triangle. This is an instance where the triangle acts as a reversal pattern and not its usual continuation pattern. It also implies that the next bull run started not from the 2008 low of $14.51, but from $23.50, the low made in October 2009. Clear 5 waves are seen from that low that finished at $60.75. That was the first part of the rally and after the correction to $54.30; it looks like the second part of the rally is unfolding currently. If the short term momentum remains intact by holding $65 levels, we can expect the price to reach $80 shortly.

About the Author
Lisa Johnson is an award-winning journalist, host, author and critic, who has appeared as an expert on the CBS Early Show, NBC s Today Show, Dr. Phil, CNN, CNBC, Fox News, CNBC, Bravo and many more. Her work has been featured in The Wall St. Journal, the New York Times, Forbes, Oprah.com, AOL and numerous other media outlets. She has authored three books from major publishers
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