ELV Bombardier ShortAfter a multi Decades long run and massive unemployment goals needing met for economic stability, the healthcare sector finally looks to be in trouble...
ELV trade ideas
ELV (formerly Anthem Healthcare) weekly, hybrid swing/longELV (formerly Anthem Healthcare)
Bottom to bottom cycles running around 15 bars, or 105 days. Up cycle running approximately 5 bars or 33 days for 77 to 79 points.
Strategy:
ELV is under declining 52 week EMA, and under the Ichy cloud. Nevertheless, excellent fundamentals make this a good swing candidate convertible to a potential long hold.
I would hope for a .618 fib pullback (a la Gartley) around mid to late October to around 404.94. In addition to being a key fib area, there is a pivot support and low volume node profile. I would
count on a swing of approximately 35 days (or 5 weekly bars) and set a target of 77 points. 404.94 + 77 = 481.94, or 19%. At the target you are entering a resistance area which will be the cloud and the 52 week EMA, so you can tighten stops, scale out, sell out, or sell partial and hold long partial. I don't see much if any downside at the .618 level, so an entry around there would be ideal.
free cash flow yield 10.2 % (bargain)
54.2% upside (Finbox Models)
Piotroski Score 8 (excellent)
consistent earnings beats
PEG ratio 0.96 (excellent)
ROE 17.43 % (fair)
A tight stop for Elevance Health Required Elevance Health NYSE:ELV - Long term positioning
Positive earnings are causing a pump in price but be careful here though. Earnings positive since April 2020, why the pump? If i was entering a long term position here i would be waiting for the bottom of the parallel channel and RSI resistance line or at least harboring some cash on the side and splitting my position.
Chart Requirements
- A retest of RSI resistance line preferred
- Ideal levels outlined on chart
- If entering here, please place a tight stop loss as there is a more ideal entry lower
