United Health Group - Incredibly strong buy signal

Company description

UnitedHealth Group is the largest private health insurer in the United States, providing healthcare to nearly 50 million members in the United States and abroad. UnitedHealth is a leader in employer-sponsored, self-administered and government-backed insurance plans and has achieved massive scale in managed care. Combined with insurance assets, UnitedHealth's continued investment in the Optum franchise has created a healthcare services behemoth that includes everything from medical and pharmaceutical benefits to outpatient care and analytics for both affiliated and third-party customers.

Fundamental data

The company last reported strong quarterly figures on July 16, 2024:

UnitedHealth Group Inc. beats analysts' estimates of $6.67 with earnings per share of $6.80 in the second quarter. Revenue of $98.9 billion exceeded expectations of $98.72 billion.

Chart technical outlook

United Health is also very convincing from a technical perspective. The share has broken out of a two-year rectangle formation. This signals further potential for the share price to rise by around 15%. In the medium term, over the next few weeks, I expect the share price to be in the region of USD 645.

In the short term, the chart structure also looks very useful. The hourly chart currently shows a short-term consolidation that is about to break out.

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