ELV (formerly Anthem Healthcare) weekly, hybrid swing/long

NYSE:ELV   Elevance Health, Inc.
ELV (formerly Anthem Healthcare)

Bottom to bottom cycles running around 15 bars, or 105 days. Up cycle running approximately 5 bars or 33 days for 77 to 79 points.


ELV is under declining 52 week EMA, and under the Ichy cloud. Nevertheless, excellent fundamentals make this a good swing candidate convertible to a potential long hold.

I would hope for a .618 fib pullback (a la Gartley) around mid to late October to around 404.94. In addition to being a key fib area, there is a pivot support and low volume node profile. I would
count on a swing of approximately 35 days (or 5 weekly bars) and set a target of 77 points. 404.94 + 77 = 481.94, or 19%. At the target you are entering a resistance area which will be the cloud and the 52 week EMA, so you can tighten stops, scale out, sell out, or sell partial and hold long partial. I don't see much if any downside at the .618 level, so an entry around there would be ideal.

free cash flow yield 10.2 % (bargain)
54.2% upside (Finbox Models)
Piotroski Score 8 (excellent)
consistent earnings beats
PEG ratio 0.96 (excellent)
ROE 17.43 % (fair)

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