Approaching Resistance: United Health
Published on Wednesday, 25 April 2012 09:00 Written by TradersHuddle Wire
New York, April 25th (TradersHuddle.com) - Shares of United Health Group Incorporated (NYSE:UNH) are trading very close to calculated resistance at $59.61. The stock ended the trading session at just $58.72, which is near levels that make it difficult to buy or start a position.
United Health Group Incorporated (NYSE:UNH) owns and manages organized health systems in the United States and internationally. The Company provides employers products and resources to plan and administer employee benefit programs.
United Health's stock range is defined by its calculated support defined at $53.40 and by the resistance level at $59.61; the stock is clearly over-extended from support, making it harder for participants to establish fresh longs.
Traders don't have a clear entry point for United Health. However, as the stock pulls back towards $53.40 it will definitely provide a reference point to establish a trade. On the other hand, if the stock breaks above its resistance level at $59.61 then traders will get an opportunity to enter the stock as it moves to a higher range.
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