HUMANA chart below.
When UNH fell, it fell hard and the talking heads were telling us to buy Healthcare. All the while they pushed this sector to the limit to leave some folks stuck.
Price is deeply oversold and it would appear folks are in panic mode at this point.
Looks like a bounce is coming soon as even sellers get worn out.
Be careful on buying this dip without a good stop as there are rising wedges sprinkled throughout this chart for the last few years that have not been broken so they are not valid yet.
These will be levels of over-supply if/when price reaches these levels. The lowest wedge would be entered just over 300.
Price is still above the .236 of the trend up in spite of the deep pull back after breaking Down from a Symmetrical Triangle.
Perhaps a case of so many buyers on board that many had to jump off the ship when it began to sink.
No recommendation.
This will probably bounce around so good luck.
The trend since the Covid low is so steep, it hurt my wrist to stretch the fib table to the top!
UNH's partner in crime/Descending Triangle
When UNH fell, it fell hard and the talking heads were telling us to buy Healthcare. All the while they pushed this sector to the limit to leave some folks stuck.
Price is deeply oversold and it would appear folks are in panic mode at this point.
Looks like a bounce is coming soon as even sellers get worn out.
Be careful on buying this dip without a good stop as there are rising wedges sprinkled throughout this chart for the last few years that have not been broken so they are not valid yet.
These will be levels of over-supply if/when price reaches these levels. The lowest wedge would be entered just over 300.
Price is still above the .236 of the trend up in spite of the deep pull back after breaking Down from a Symmetrical Triangle.
Perhaps a case of so many buyers on board that many had to jump off the ship when it began to sink.
No recommendation.
This will probably bounce around so good luck.
The trend since the Covid low is so steep, it hurt my wrist to stretch the fib table to the top!
UNH's partner in crime/Descending Triangle
Comment:
That candle from yesterday is definitely "Diving" looking for support. It appears it found it, for now. I have found this type of candle with an extremely long bottom shadow to be ominous later on. Some might call it an unbelievable Hammer. Time will tell.
Price moved almost $64 today.