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Market Analysis: UnitedHealth Group to continue earnings streak, Taiwan Semiconductor Manufacturing Company within the “dynamic area” on chart
This article was submitted by Antreas Themistokleous, market analyst at Exness.
UnitedHealth Group to possibly continue their earnings beating streak
The shares of UnitedHealth Group Inc (Symbol ‘UNH’) has gained about 4% of its valuation in the last quarter of the year. UnitedHealth Group Inc is expected to report its earnings for the quarter ending December 2022 on Friday 13th of January before market opens. The consensus EPS is $5,17 compared to the result for the same quarter last year of $4,48.
‘The company has had a straight earnings-beat streak in the last 4 quarters with the last 2 quarters having an average surprise of 6.27%. This means that the company seems to have a tradition of overachieving and exciting market expectations on their earnings report making them an attractive investment especially from institutional investors who are already a large majority of the investors in the company.’ said Antreas Themistokleous, market analyst in Exness.
On the technical side the price retested the daily bullish trendline last week and resumed the upward movement currently trading just below the $530 price area where it found support on the 100 day moving average and the 50% of the daily Fibonacci retracement.
Since the 100 day moving average is still trading well above the faster 50 and 20 day moving averages it might indicate that the price will remain above its daily trendline and possibly continue to cover the losses incurred in the first half of December in the following sessions.
Taiwan Semiconductor Manufacturing Company within the “dynamic area” on chart
Taiwan Semiconductor Manufacturing Company Inc (symbol ‘TSM’) stock value has made some losses in the last month of the quarter but it is still on the positive side when it comes to overall quarterly gains. The company is expected to report its earnings for the quarter on Thursday 12th of January. The consensus EPS is $1,78 compared to the result for the same quarter last year of $1,15.
‘The company is expanding rapidly with investments outside of Taiwan like a new chip plant in Japan, is currently reviewing expansion in Germany and also earlier this month they announced that they will triple the investment for the new Arizona plant to $40 Billion (one of the largest foreign investments in U.S. history).’ said Antreas Themistokleous, an analyst at Exness ‘The major clients of TSM is tech giants like Apple and Nvidia , establishing their status in the semiconductor industry’
Based on technical analysis the price continues to drop on a slow pace for the whole month of December and is currently trading just below the $75 area after finding support on the 38.2% of the daily Fibonacci retracement level and the 50 day moving average. It is trading in the “dynamic area” of support between the 50 and 100 moving averages.
The Stochastic indicator is in the extreme oversold level possibly signaling a correction to the upside before maybe resuming the bearish momentum built up in the previous month. If this correction is made we might see some resistance around the $77 price area which is just below the 23.6% of the Fibonacci and also the 20 day moving average.
If the price manages to make a valid break below the $73 which consists of the 38.2% of the Fibonacci , the 50 day moving average and the lower band of the Bollinger bands then we might expect some support around $70 which is the psychological support of the round number and also just below the 50% of the Fibonacci.
In December, Oil and Gold both made minor corrections in the latest sessions after ease in Chinese on Covid restrictions.
Disclaimer: opinions are personal to the author and do not reflect the opinions of Exness or LeapRate.
Experienced writer and journalist, working in the global online trading sector, Steffy is the Editor of LeapRate. She has previous experience as a copywriter and has been with the company since January 2020. Steffy has a British and American Studies degree from St. Kliment Ochridski University in Sofia.
