UNITED HEALTH Mega bullish break-out. ATH next.

BATS:UNH   UnitedHealth Group Incorporated
United Health Group Incorporated (UNH) broke above the Lower Highs trend-line that has been holding since the October 31 2022 All Time High (ATH). That is a major bullish break-out signal alone but has one last short-term Resistance to overcome, Resistance 1 (516.00) which happens to be exactly on the 0.618 Fibonacci retracement level.

If that Resistance level breaks, we will buy and target Resistance 2 (530.65). Then even though the bullish leg might extend higher, we will only buy after a clear pull-back to the 0.618 Fibonacci and target the ATH (558.00) that happens to be just above Resistance 3.

The Lower Highs bullish break-out signal is strengthened by the fact that the RSI on the 1W time-frame is coming off a Bullish Divergence. On such long tern downtrends, this typically signifies a strong bullish reversal.


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