Buy ELV on Bounce or Wait for Confirmation Above $347
$Elevance Health(ELV)$
Elevance Health(ELV) Surged +5.86%: Strong Rebound Near $342, Eyeing Next Resistance
Latest Close Data
Closed at $341.85 on Jan 29, up +5.86% ($18.93). The stock is still -25.5% below its 52-week high of $458.75.
Core Market Drivers
The sharp rebound was driven by net positive capital inflow of $59 million for the day, with significant large and medium buy orders. No major company-specific news was reported, suggesting the move may be a technical bounce after recent weakness.
Technical Analysis
Volume surged to 4.36M shares (Volume Ratio 1.89), confirming strong buying interest. The 6-day RSI rebounded sharply from an oversold level of 18.17 to 37.01, indicating a potential shift in short-term momentum. However, the MACD remains in negative territory (histogram: -9.49), signaling the broader downtrend is still intact but decelerating.
Key Price Levels
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Primary Support: $314.71 (Previous support level from Jan-27).
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Immediate Pivot: $341.85 (Today's close, key for continuation).
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Strong Resistance: $347.47 (Today's high, followed by $358+).
Valuation Perspective
Forward P/E of 12.0 is below its historical average of 12.9 and the 1-Std Dev upper bound of 14.32, suggesting the stock is trading at a discount relative to its own history.
Analyst Targets
22 analysts have an average price target of $398.38 (+16.5% upside). Sentiment is positive with 4 Strong Buy, 9 Buy, and 11 Hold recommendations.
Weekly Outlook
Expect consolidation between $315 (support) and $358 (next major resistance). A sustained break above $347 could target the $358-$365 zone. Failure to hold $315 may lead to a retest of lower supports.
Risk Disclaimer
This analysis is for informational purposes only and not financial advice. Past performance is not indicative of future results. Investing involves risk, including potential loss of principal.
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Disclaimer: Investing carries risk. This is not financial advice. The above content should not be regarded as an offer, recommendation, or solicitation on acquiring or disposing of any financial products, any associated discussions, comments, or posts by author or other users should not be considered as such either. It is solely for general information purpose only, which does not consider your own investment objectives, financial situations or needs. TTM assumes no responsibility or warranty for the accuracy and completeness of the information, investors should do their own research and may seek professional advice before investing.
