The markets have been coming under selling pressure the last few weeks, and UnitedHealth Group Inc. (NYSE:UNH) is no exception. The stock hit an all time high back on July 17, at a price of $87.24, but has since been under the weather, declining by almost 10%. The performance has definitely made some investors feel sick to their stomachs, especially those who followed the talking heads in the media and bought near the highs.
However, as a trader who utilizes the charts of stocks to determine the best possible entry and exit points for a trade, I see this illness in the stock price as a potential buying opportunity. Based on the stock performance, I have analyzed the UNH chart and isolated a nice entry point to go long (buy the stock). This entry point would be right in the $77.75 area. This level should act as a decent technical support level on the charts where traders could see a bounce back to $80.50. That would definitely be a healthy profit on UnitedHealth Group Inc. (NYSE:UNH) and a nice, easy gain for those in the trade. Place this support level on your UNH charts, keep a close eye on it and be ready to take action should the stock trade down to it.