UnitedHealth (UNH) - Get Report will report fiscal second-quarter earnings before the opening bell Tuesday.

Shares of the Minnesota health insurer have gone on a strong run, surging about 30% since falling to January low of around $109. Despite its shares reaching all-time highs at around $142, buying UNH stock today can still yield additional premiums of around 8% to 10% in the days and weeks after its earnings report. Take a look at the chart below, courtesy of TradingView.

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UNH trades around $142. The stock, which is up some 20% year to date, against a 5.6% rise in the S&P 500 (SPX) , has a consensus buy rating and an average analyst 12-month price target of $150.50, suggesting 6.5% gains from current levels. The technical metrics, however, points to a rise towards $153 per share or a return of 8.25%. That's going to happen from a combination of factors.

First, despite the stock's strong rise year to date, UNH has spent the past 30 days consolidating. You can see from the chart the stock is up just 0.31% since June 8. During that span, the Vanguard Health Care ETF (VHT) - Get Report has risen almost 3%, while the S&P 500 index has risen 2%. In other words, UNH stock has been a relative under-performer at a time when the market enjoyed its post-Brexit gains.

Second, the stock is relatively cheap, trading at 18 times fiscal 2016 estimates of $7.89 per share. True, that forward P/E is about 1.5 times higher than the S&P 500 index's forward multiple. But the company's earnings estimate also calls for an increase of more than 22%. That's where UNH's fundamental value supports a higher stock price, suggesting analysts may have to revise their price targets upward on an earnings beat.

Finally, despite the stock's 20% year to date returns, placing UNH at about 7% above its 100-day moving average of $131.80 (yellow line), the charts suggest a rise towards $153 or 8.25% higher is the next move, affirming the long-term bullish trend.

With UNH having established strong support at around $139 and $137, this creates a support spread of around 12% as you wait for the 8% return. Add in the 1.77% annual dividend yield and that's a healthy combined return of almost 10%.

This article is commentary by an independent contributor. At the time of publication, the author held no positions in the stocks mentioned.