Chart of the Week: HCA
It’s time for our chart of the week, and this week we’re gonna be focused in on healthcare name HCA. That’s the ticker symbol as well – HCA. Let’s take a look at this chart. We have earnings coming out this coming Friday on the 25th, so let’s take a look at this chart as we – oh the 24th, excuse me. It’s looking pretty strong right now.
As you can see, since the spring, the stock’s been pretty volatile here, right? We had a big huge move up in April and May that hit a ceiling right here at about the $385 level. And tried to test it again in early July. Failed.
Tested back down to the 200 day moving average successfully here. You can see that. And successfully tested that 200 day moving average, and it’s been moving up with higher highs and higher lows ever since. And that’s our textbook pattern of a what? Uptrend. So that’s a textbook pattern of an uptrend here.
Stock’s near all-time highs here – right about $433. All time highs come in just under $440 a share.
We’ve seen some pretty decent volume trends as well. It’s been pretty bullish here over the past month or so. The stock’s been going up.
We did pull back a little bit in the middle part of October for about four days. Came down and corrected a little bit near this 50 day moving average, and nearly tagged it – this dark line here. And has pulled right back up for the past six or seven days.
Check out the on-balance volume here at the bottom here. It’s been very very good, very positive.
We’re about to crossover for a bull signal on the MACD as well. Take a look at that right here.
Relative strength building a nice double bottom here up from the summertime over to the fall.
Had a low here back in July and – actually from September to October has made a double bottom over here just under the $350 level.
Of course when it gets up to the overbought level, which we’ve seen three or four different times this year, it backs off a little bit. It doesn’t stay overbought for too long. But I think if it gets passed this $440 level in the next several days, I thikn the stock’s got some move up to $500 or so.
So take a look at HCA. Thanks so much for watching everyone, and I’ll see you guys next time.
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