Fairlead Strategies Idea Generator
Elevance Health (ELV) & Updates (AMGN, WPM)
After appreciating over 10%, we are removing Wheaton Precious Metals (WPM) from our long ideas list because it reached our price target today.
Additionally, we recommend raising the stop-loss level for Amgen (AMGN) to $235 in order to preserve gains in your long positions.
Today, we highlight a long opportunity in Elevance Health (ELV), a large-cap managed care company:
ELV is poised to rally within the context of its long-term trading range. The stock has bounced off long-term support, and it is testing initial resistance at the 50-day (~10-week) moving average near $475 after gapping higher today. Short-term momentum indicators point higher, with room to overbought territory.
The bounce in ELV preserved the lower boundary of its trading range extending back to mid-2022, in addition to support at the weekly cloud. An intermediate-term oversold upturn (per the weekly stochastics) and improving momentum should help ELV continue higher.
The upper boundary of ELV’s long-term trading range shows resistance near $534, which we would use as an intermediate-term targeted level. A stop-loss of ~$460, based on the weekly cloud, should be honored on a consecutive weekly closing basis.
Elevance Health (ELV, $478.42)
Target: $534
Stop-loss: $460
Thanks for your input. We do include current ideas in a table at the bottom of posts for paid subscribers (not accessible to free subscribers who have limited access). Because we have hundreds of past ideas, it's impractical to list them.
These are really helpful charts but what would be helpful is a permanent page with a running list of all current Longs and shorts. A bonus would be previously closed ideas - adds more credibility imo for new subscribers to pull the trigger!