One health-care stock suggests the whole group ready for recovery (via tradingnation)
div > div.group > p:first-child"> The sector has fallen 5% in the past five sessions, while the broader market has remained flat. It is also one of just two S&P groups that remain in a correction, having fallen more than 10% from a 52-week high.
"The poster boy for this whole sell-off is UnitedHealth," Maley said on CNBC's"Trading Nation" on Monday."On a technical basis, its weekly RSI chart, it's the most oversold it's been since that crisis and also it went down to the $210 level. That was the same level that it bounced off of in 2018, so it made a nice double bottom, so that's positive."
"Now I do have to admit it did break below its 100-week moving average, which has provided great support for the stock since 2010. However, I think that had more to do with the algos and the thinness in the marketplace than any kind of fundamental issue," said Maley."If it can regain that 100-week moving average any time soon, it should give the stock a lot more confidence and I think the whole group as well.
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