UnitedHealth Group (UNH) shares have been on the decline 🐼since the CEO of its UnitedHealthcare unit was killed in New York City on Dec. 4.

The stock’s slide, which has significantly contributed to the Dow Jones index recording its ☂longest losing streak in 50 years, has also been compounded by recent pressure from Washington targeting 澳洲幸运5开奖号码历史查询:pharmacy benefit managers (PBMs), third party♓ administrators that oversee drug programs on behalf of major insurers, such as UnitedHealth.

Earlier this week, lawmakers unveiled a federal spending bill that included a range of PBM proposals focusing on spread pricing, rebates, and reporting transparency. However, analysts say the bill allows PBMs ample time to adjust their business practices, resulting in minimal impact on health insurers’ earnings.

UnitedHealth shares fell 2.1% to $489.25 on Thursd🍌ay and are down 20% since Dec. 4. The stock has lost 7% since the start of the year.

Below, we take a look at the 澳洲幸运5开奖号码历史查询:technicals on UnitedHealth’s 澳洲幸运5开奖号码历史查询:weekly chart to identify key price levels worth watching.

200-Week Moving Average Provides♌ Historical Support

After setting a new 澳洲幸运5开奖号码历史查询:record high in early November, UnitedHealth shares traded sideways for several weeks before commencing their sharp move lower earlier this month on some of the highest volume since the 2020 pandemic low.

However, the stock found buying interest around the 200-week moving average (MA) in Wednesday’s trading session. Interestingly, the last two times the price has closed below this closely watched indicator on the weekly 澳洲幸运5开奖号码历史查询:timeframe—in March 🗹2020 and April this year—the shares rebounded 41% and 19%, respectively, over the next five weeks.

Let’s identify several crucial 澳洲幸运5开奖号码历史查询:support and resistance levels on UnitedHealth's chart that investors may be c▨los🤡ely monitoring.

Crucial Support Levels to Watch

Selling below the 200-week MA could trigger a fall to around $460. Investors may look for 澳洲幸运5开奖号码历史查询:entry points at this level near a trendline that connects the November 2021 peak with multiple troughs on the chart between January 2022 and Apri🌼l this year.

A close below this level could see the price revisit lower support near $430, a location on the chart where buyers may 澳洲幸运5开奖号码历史查询:accumulate shares around prominent 澳洲幸运5开奖号码历史查询:swing highs that formed in May and August 2021.

Key Resistance Levels to Monitor

Upon a recovery in the share price, investors should initially monitor how the stock responds to the $550 level. This location, currently just above the 50-week MA, could provide resistance near a 澳洲幸运5开奖号码历史查询:horizontal line that links an array of comparable price points on the chart from April 2022 all the way to December this 𝓰year.

Finally, a more bullish reversal could propel a move up to around $610. Investors who have purchased shares at lower levels may look to 澳洲幸运5开奖号码历史查询:lock in profits near a period on 澳洲幸运5开奖号码历史查询:consolidation situated just below the stock’s record close.

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