Healthcare: Tenet Healthcare Waiting for a Break Out?

from TradersHuddle.com

Shares of Tenet Healthcare Corporation (NYSE:THC) closed the trading session at $4.31 near its 50 day moving average currently set at $4.32. Tenet’s price action is below this important level, which makes the stock difficult to buy, as there will certainly be resistance as it approaches its 50 day.

Tenet Healthcare Corporation (NYSE:THC) owns or operates general hospitals and related health care facilities serving communities in the United States. The Dallas, Texas company operates rehabilitation hospitals, specialty hospitals, long-term care facilities, psychiatric facilities, and medical office buildings near its general hospitals, as well as ancillary health care businesses.

Latest price action range, defined by a peaks and troughs algorithm places calculated support at $4.37 and calculated resistance at $4.66. These levels will be closely watched by traders, as they provide great insight into the latest price dynamics defined by Tenet Healthcare shares.

Traders should evaluate their trade if they want to establish a position on Tenet Healthcare given the resistance expected as the stock approaches the 50 day moving average. A trade might materialize as the stock manages to break this important level, as it could be used as support going forward, however until the break materializes buying the stock is nothing different than flipping a coin. Other levels that traders will be evaluating are the ones defined by the peak and troughs algorithm that provides great price level reference points.

[tradershuddle.com]

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