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When you see a stock that's hitting new 52-week highs it often means that the uptrend is very strong and the buyers are in full control (and the opposite for stocks setting new 52-week lows),
momentum traders and often look at the 52-week high lists to find new trading ideas. Keep in mind, though, that new highs can also mean that the stock is overbought or has run up too far too fast.
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That's why it's important before you make an investing or trading decision to combine a number of technical indicators with fundamental trends, discipline and sound money management.
Let's take a closer look at several
stocks that hit new 52-week highs today.
UnitedHealth GroupUnitedHealth Group(UNH - Get Report) is a diversified health and well-being company. This stock is trading up 0.59% at $54.18 in recent trading after hitting a 52-week of $54.41 earlier in the day.
Today's Range: $53.60-$54.41
52-Week Range: $41.27-$54.24
Volume: 3.4 million
Three-Month Average Volume: 6.7 million
UnitedHealth Group has a market cap of $58.27 billion and an enterprise value of $57.52 billion. The stock trades at a trailing price-to-earnings of 11.46 and a forward price-to-earnings of 9.96. Its estimated growth rate for this year is 1.50%, and for next year it's pegged at 13.3%. The current short interest as a percentage of the float for UnitedHealth Group is rather low at just 1.10%.
technical perspective, UNH has started to trigger a big breakout trade today now that this stock is moving above some past overhead resistance at $53.14.
Traders should now look for a sustained high-volume move and close above $53.14 to signal that UNH wants to trend much higher. Look for volume that's near or above 6.7 million shares. If we get that move today or soon, then target a run back towards $60 for UNH in the near future.