UnitedHealth Group (UNH) shares surged Friday after tumbling to a pandemic-era low yesterday following reports that 澳洲幸运5开奖号码历史查询:the company is being investigated by the Department﷽ of Justice for possible Medicare fraud.

It's been a difficult several weeks for the health care giant. Last month, the shares plummeted plummeted 22% in a day when the company 澳洲幸运5开奖号码历史查询:🅺lowered its full-year profit forecast, while on Tuesday this week the stock dropped 18% on 澳洲幸运5开奖号码历史查询:news that CEO An💖drew Witty w♕as stepping down.

UnitedHealth shares were up 6% recently at around $290, leading S&P 500 advancers on Friday. Even with today's gains, the stock has lost more than half its value over the past month as a surge in medical costs compounds other challenges facing the company, including a broader public backlash against the health insurance industry.

Below, we breakdown 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 and point 💎out major price levels to watch out for.

RSI Signals Oversold Conditions

After staging a decisive close below the 50- and 澳洲幸运5开奖号码历史查询:200-day moving averages in mid-April, UnitedHealth shares have traded sharply lower in a move that has thrust the 澳洲幸运5开奖号码历史查询:relative strength index (RSI) into oversold territory.

Moreover, the stock’s significant drop this week has occurred on the highest weekly 澳洲幸运5开奖号码历史查询:trading volume since April 1998, signaling selling conviction by larger market participants, such as 澳洲幸运5开奖号码历史查询:institutional investors and pension funds.

Let’s point out two major 澳洲幸运5开奖号码历史查询:support levels that may act as a trading floor amid the possibility for further declines and alꦰso identify crucial ov▨erhead areas to track during recovery efforts in the stock.

Major Support Levels to Watch

The first lower level to watch lies at $249. This area will likely attract significant attention near this week’s low, which also closely aligns with a range of corresponding trading act🐽ivity on the chart between January 2018 and April 2020.

Selling below this level opens the door for a retest of lower support around $212. Investors may seek 澳洲幸运5开奖号码历史查询:buy-and-hold opportunities in this region near a 澳洲幸运5开奖号码历史查询:horizontal line that roughly connects multiple trough𒐪s on the chart from March 2018 to the Mღarch 2020 pandemic low.

Crucial Overhead Areas to Track

During recovery efforts, investors should initially track the $325 area. The shares may run into overhead 澳洲幸运5开奖号码历史查询:resistance at this level near the August 2020 peak and February 2021 trough.

Finally, the bulls’ ability to reclaim this crucial level could see UnitedHealth shares climb toward $365. Investors who have 澳洲幸运5开奖号码历史查询:accumulated shares at lower prices may decide to place sell orders in this l🦩ocation near twin peaks that developedꦓ on the chart between November 2020 and January 2021.

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