Chart of the Week: Oscar Health
Hey, good morning everybody! We’re gonna try this one more time here. Little audio difficulty first time around. This is our chart of the week for May 27. We’re gonna look at Oscar – OSCR Health Corporation. Chart looks really good. Stock’s been a roll for the past six weeks. If we see a little bit of a pullback here, it’ll be a little opportunity to get on board.
Let’s take a look at this stock. Gapped up after earnings in April. Came back and tested that gap up and has been on a tear every since – up a good 70% over the past six weeks or so. Made a nice rise up to about the $25 1/2 area where it stalled. Couldn’t find any buyers.
It’s come down a little bit, right near the 20 day moving average, which is moving higher at a pretty brisk pace. So in about two or three days, we’re gonna see that 20 day moving average coming up and probably testing that price level.
We could see good strength in money flows and the Chandy meter over here.
MACD of course is on a sell signal, and that’s only because the stock has been overbought and has pulled back from that overbought reading. This is just a little bit of a small corrective measure. Same with the relative strength over here. Not anything to be worried about.
Remember, stocks make higher highs and higher lows on the way up. So, we barely had a higher low here. Well, right over here. But now we’re pulling back more significantly. Maybe another 1-3% pullback probably will just be enough. We do have some support back here from back in … last fall around the $21 area. Again that comes in at around where the 20 day moving average is right now.
But I like Oscar here. It’s been very bullish on the Chaikin analytics. It’s also strong in IBD – it’s in the top 50 IBD stocks, too.
This stock, I think, we get a pullback over here, we hold in this low- to mid-20 area, we could get a run back up to $30 in Oscar over the next several weeks.
So take a look at Oscar – OSCR.
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