CNC - WEEK CHARTHi, today we are going to talk about Centene Corp and its current landscape.
Centene Corp is poised to receive increasing attention from the market as relevant events are taking place. The healthcare company can be benefited from the implied move that Congress will repeal three key Obamacare aspects related to the health industry taxes as part of fiscal 2020 spending bills. News that can boost Centene Corp next year.
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CNC trade ideas
CNC - Nearing Target levelCNC was in a descending channel since the beginning of June. The stock was able to break out on October 22nd. It has since tested the previous resistance line & continued its bullish move.
The two green dashed lines mark potential price targets at the 61.8% & 100% Fibonacci Extension levels. The stock price closed around the 61.8% level yesterday & popped this morning on the open. The price has been pulling back since nearing that 100% level.
$CNC ***Centene option buying signals massive moves***Centene is not a name that we have looked at before but highly unusual call option buying has got out attention. After announcing the Purchase of Wellcare the stock had a initial sell off but quickly found buyers interest. This is a huge growth story in and is on Goldman Sacks growth stocks buy list.
What s wrong with CNC ?So , CNC is one of the strongest company in Health Care sector . PE-26,6 ; EPS Q\Q - 142% ; Sales Q\Q -12,5% ; ROE -15% ; no debt , Zacks VGM -A , last realy bad report was in 2016 and statistically it was one negative on twenty two positive ! Yahoo finance recomended raring 2.1 with average target price 140 ! IBD say - CNC is a group leader ship with composite rating 94 !Piartosky skore is 6 , z-score 3,3 ; m-skore is -2,6 . Real money rating is A! Sales 14,2 it is beter than expected 13,9 . Actual report is beter than expected ! CNC Short flot was 4,2 . Barchart rating is strong buy with 96 % positive options ! Total bulls trend ! Whats wrong with Centene Corporation ?
CNC Stock Analysis Daily TimeframeThis stock originally found strong resistance at the Figure 100, which then turned into strong support. This led to a continuation to the upside and price is trending very well at the moment.
Ideally, we would like to see price continue with this bullish momentum to the upside, in the overall direction of the trend.
CNC to break 2+ year resistance, move on to new all time highs..Since rebounding from the lows of November 2016, $CNC has been in a nice uptrend ever since, clocking a 66% return over the period. Price is now testing resistance levels of $83 set back in mid 2015. Over the next 16 trading days, price will get squeezed between the former resistance at $83 and the lower support of the upward trend. With bullish momentum and sector strength on our side, the odds are in favor of price breaking through the former support, setting all time highs. The trade is as follows: Long above $83, Stop of $81.50, Target of $93.