Don't Ignore This Chart!

HCA Healthcare Bounces off Breakout Zone

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HCA Healthcare (HCA) is turning up at a key level and showing signs that the long-term uptrend is resuming. HCA is in a long-term uptrend because it broke out in January and recorded a 52-week high. This breakout zone turned into support around 82 as the stock fell back to this area with a “throwback”. A classic tenet of technical analysis is that broken resistance turns into first support. HCA successfully tested this newfound support zone with a bounce the last two weeks. Also notice that the PPO(5,30,5) turned up, which means upside momentum is moving in the right direction.

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--Arthur Hill CMT

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Announcement from the Author

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Arthur Hill
About the author: , CMT, is a Senior Technical Analyst at StockCharts.com. Focusing predominantly on US equities and ETFs, his systematic approach of identifying trend, finding signals within the trend, and setting key price levels has made him an esteemed market technician. Arthur has written articles for numerous financial publications including Barrons and Stocks & Commodities Magazine. In addition to his Chartered Market Technician (CMT) designation, he holds an MBA from the Cass Business School at City University in London. Learn More
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