This could be its endPrice is testing the broken support, there is too much resistance to the upside. This is a good moment to open a short position, I don't think this one is coming back anytime soon.
0HVB trade ideas
CNC At Important LevelCentene NYSE:CNC fired off a signal on this morning's open at a "50 in 50" level. The most important level is the COVID Low to All Time High 50% Retracement which for the last few weeks price has been testing. This is an important multi-year level that the stock price needs to hold to continue to retest the all time high.
To reduce the initial risk on this trade I will drill down to the swing trading timeframe price action. Here we see the last few weeks with an overshoot of the support, price recapture the major 50% level, and now do a short term 50% Retracement around that level. Holding within this range sets up for a long term bullish move off the Supports.
CNC | Oversold Healthcare Co. | LONGCentene Corporation operates as a multi-national healthcare enterprise that provides programs and services to under-insured and uninsured individuals in the United States. Its Managed Care segment offers health plan coverage to individuals through government subsidized programs, including Medicaid, the State children's health insurance program, long-term services and support, foster care, and medicare-medicaid plans, which cover dually eligible individuals, as well as aged, blind, or disabled programs. Its health plans include primary and specialty physician care, inpatient and outpatient hospital care, emergency and urgent care, prenatal care, laboratory and X-ray, home-based primary care, transportation assistance, vision care, dental care, telehealth, immunization, specialty pharmacy, therapy, social work, nurse advisory, and care coordination services, as well as prescriptions and limited over-the-counter drugs, medical equipment, and behavioral health and abuse services. This segment also offers various individual, small group, and large group commercial healthcare products to employers and directly to members. The company's Specialty Services segment provides pharmacy benefits management services; nurse advice line and after-hours support services; vision and dental services, as well as staffing services to correctional systems and other government agencies; and services to Military Health System eligible beneficiaries. This segment offers its services and products to state programs, correctional facilities, healthcare organizations, employer groups, and other commercial organizations. The company provides its services through primary and specialty care physicians, hospitals, and ancillary providers. Centene Corporation was founded in 1984 and is headquartered in St. Louis, Missouri.
CNC Ready for reversal!
It looks to be that we have a Bullish Shark pattern as well as the Cypher. Take profits for TP1 $84 and TP2 $98. As you can see the RSI has bottomed out on the daily to support this idea. Let me know what you think in the comments. Thanks!
$CNC with a Bullish outlook following its earnings #Stocks The PEAD projected a Bullish outlook for $CNC after a Positive Under reaction following its earnings release placing the stock in drift A with an expected accuracy of 72.73%.
$CNC with a Neutral outlook following its earnings #Stocks The PEAD projected a Neutral outlook for $CNC after a Negative over reaction following its earnings release placing the stock in drift B with an expected accuracy of 66.67%.
$CNC ready to break out of its ~5 month basse?Notes:
* Very strong up trend on all time frames
* Great earnings track record
* Building a base on base pattern
* Held up very well against the general market and its sector
* Recently bounced from its 50 day line
* Printed a pocket pivot with higher than average volume
* Saw a lot of demand around the 50 day line a few days ago with a strong bullish hammer
Technicals:
Sector: Healthcare - Healthcare Plans
Relative Strength vs. Sector: 1.15
Relative Strength vs. SP500: 1.1
U/D Ratio: 1.22
Base Depth: 18.61%
Distance from breakout buy point: -1.98%
Volume 39.0% above its 15 day avg.
Trade Idea:
* You can enter now as the price is still close to the 50 day line and just printed a pocket pivot
* If you want a better entry you can look for one around 86.8 as that should hold as support moving forward
* This stock usually has local tops when the price closes around 11.18% above its 50 EMA
* Consider selling into strength if the price closes 10.98% to 11.38% (or higher) above its 50 EMA
* The last closing price is 6.04% away from its 50 EMA
Centene Corp - 25% Short Opportunity? A government-sponsored health care company which looks like it's in trouble.
Is it time to short it?
Fundamental indicators:
Revenue and Profits - although revenue has been consistently growing for the past 10 years, the profits remained consistently low. Earnings (EBIT) are insufficient to safely cover interest payments on company debt
Profit margin - very low at 2% in 2021
P/E - extremely overpriced considering poor fundamentals - 31x ratio
Liabilities - debt relative to shareholder equity is rising
Technical Analysis (Elliott Waves):
This company has survived 2008 financial crisis and enjoyed explosive growth since then
However, the impulse like movement peaked in December 2018 with completion of a global wave 3 and since then it has been forming a complex Running Correction
With poor fundamentals and difficult economical situation it is very likely that wave X has completed and we are observing the development of wave Y to the downside now
There are two options for the final corrective wave - (1) a rapid impulse completing a Running Flat correction as ABC, or (2) complex form of a wave similar to wave W
The target for this wave is in the range of $64 to $57, representing 0.786x and 1x Fibonacci retracement levels against wave W
What do you think about this scenario for Centene Corp?
Please share your thoughts in the comments and like this idea if you would like to see more stocks analysed using Elliott Waves.
Thanks
31/3/2022 NYSE (CNC)Buy (Entry Price) above the black line and exit (Stop Loss) below the red line. Can take profit at the suggested Target Price.
Entry Price: $86.53
Target Price: $87.40
Stop Loss: $85.00
15/3/2022 NYSE (CNC)Buy (Entry Price) within the buy zone area and exit (Stop Loss) below the red line. Can take profit at the suggested Target Price.
Entry Price: $84.63 / $83.63
Target Price: $85.86 / $84.68
Stop Loss: $82.58
Stock Idea: CNC (weekly)Something I longed today that isn't commodity related
Base on base action and high relative strength. Exactly what you want to see in a market like this
$CNC Decent Setup in Tough Market$CNC looking pretty decent and worth watching tomorrow.
Volume pattern looks exceptional.
$CNCDragon pattern along a support potential reversal area. Flipping resistance into support.
Daily hidden bullish divergence on the MACD.
Stop = Below resistance level.
Target = 0.618 fib extension.
CNC: ON WATCH FOR A $25 MOVECNC:
CNC is now retesting a multi-year resistance around $75. The resistance line has started in August 2018.
The trend is up.
Resistances are made to be broken and a stock that breaks through a multi-year resistance level can lead to a significant rally. It's often even better if the resistance level is at the stocks all-time high since there is no overhead resistance.
I will be looking for a break and weekly close above 75 to enter a long swing position.
This one is for patient investors/traders.
If we break, I would target a 1st target of $100.
Trade safe!
CNC breaking out Screened for stocks that has performed well in the last 1-3 months and came across that most stocks in the medical services have performed strongly. So decided to look into the IHF etf holdings.
CNC has broken out of the 75.30 strong resistance level. Previous 3 times have failed and 4th time lucky. This stock will go much higher.
Watch this stock.
SWING TRADE SETUP FOR FEW STOCKS AUG18Disclaimer: I am not a financial advisor. Do your own research too. These are picks I have scanned for myself and seems based on the pattern , it could go higher but nothing is guaranteed. Do your own research and due diligence
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I am showing a few stocks on the list which could be potential good swing trades if meets the criteria.
1.INFN
2. RPRX
3. MCD
4. GDRX
Stock chart analysis for beginners .I am just doing simple technical analysis and how a trader can make sense of a chart and predicts its buying and selling points. i.e. buying and selling
Technical Analysis on how to read stock chart simple wayThis is for traders who are looking to analyze stock chart and keep it simple for trading stock, Same pattern can be applied to any time frame.
CNC retesting multi-year resistance! Will it finally break?CNC has had $74.50 as resistance since mid 2018 and it's currently being tested again.
Recently the Price Action has been sticking very close to this resistance. This generally indicates that a breakout is imminent. If you go back to 2018 you can see that the PA has never stuck this close to the resistance point.
Will it break?
Your guess is as good as mine. Judging from the bullish PA, I'm going to put money on it breaking out.
Volume is also signalling towards a breakout.
Final thoughts:
* Long term view shows a steady up-trend
* Price sticking close to multi-year resistance
* Day-to-day price action and volume shows that it's ready for a break
* Look for buying opportunities once a breakout is confirmed. I'd be looking for a weekly close and hold above $74.50
This is one to keep an eye on in the coming weeks.
P.S: This is the monthly log chart of CNC
CNC, the breakout we've all been waiting for!!As you can see there has been a rough resistance at the 74-75 levels and it has been like this since August 2018. For me, the volume speaks volume and if you are to compare the volume levels to the previous volume levels we have got something juicy. Each time at this 75 dollar level we have never experienced high volume and finally, it has come! Quadruple top on the long term mixed with an ascending wedge just screams breakout play.
TLDR:
1. Longterm ascending triangle.
2. short term bullish wedge breakout
3. 4x top
4. most importantly increased volume on the run-up to resistance.
Would love thoughts and ideas about this idea or if there are any questions.
