Is United Health Closing in to Support?

Published on Thursday, 28 June 2012 07:20 Written by TradersHuddle Wire

New York, June 28th (TradersHuddle.com) - Shares of United Health Group Incorporated (NYSE:UNH) are trading very close to calculated support at $57.23 with price action closing at just $59.29 and placing the stock near levels where traders will start paying attention.

United Health's stock range is defined by its calculated support defined at $57.23 and by the resistance level at $60.75, which should be used by traders planning their trades. These support and resistance levels are based on a peaks and troughs algorithm of the stock's price action.

Traders wanting to establish a position should pay close attention to United Health's price action, and establish it as close to support as possible, but only after buying materializes. Traders should understand that the resistance point at $60.75 might limit their upside, however, if the stock breaks resistance, it could be a good point to add to the 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.