The UnitedHealth Group (UNH) hit the Resistance Zone following our last (November 18) signal but as it failed to break through its top, it got rejected:
By doing so, the price even broke below the Higher Lows trend-line and the Bullish Megaphone pattern, that were in effect since February 2021. This potentially signals a deceleration on its enormous and sustainable rise but not necessarily that it turns bearish. In order to do so, it needs a closing below the 1W MA100 (red trend-line).
Right now with the price on the 0.382 Fibonacci level and the 1D RSI oversold at 30.000, it is on the very same spot it was on the June 17 2022 Low. See between the two fractals, the successive hits on the 1D MA200 (orange trend-line) and 1D MA50 (blue trend-line).
As a result, we consider this a buy opportunity back to the bottom (551.00) of the Resistance Zone.
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