Despite this year's bloodbath of stock prices, UnitedHealth Group (UNH) has shown considerable strength and has continued to the upside. I did want to take a macro look using the monthly chart and noticed a double-top forming. The company does have strong fundamentals with earnings goals being reached every quarter. However, the stock price is showing strain to the upside with this double-top and appears to me that buyers may be losing the battle short-term. Furthermore, we can see the MACD is coming to an end as well and may enter bearish territory in the very near future. It very well could be a chance to short this stock which is showing some upside stress signals in the near future.
Curious to hear others' thoughts?
Thanks for stopping by!
KC
Kommentera
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Looks like a triple top as of today with prices pulling back slightly.