Health care ETF's 'bearish engulfing' chart pattern warns of an end to the recent uptrend [MarketWatch]
WELLCARE HEALTH PLANS (WCG)
Last wellcare health plans earnings: 10/30 06:00 am
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Source: MarketWatch
Health care ETF's 'bearish engulfing' chart pattern warns of an end to the recent uptrend The intraday U-turn in the SPDR Health Care Select Sector ETF ETF, +0.00% has produced a "bearish engulfing" reversal chart pattern, which many technicians would say warns that the 2-month uptrend in the sector has ended. The ETF (XLV) opened $93.28, above the Friday's close of $92.95, then rose to a 3-month high of $93.45 in intraday trade before reversing course to close at $91.69, or below Friday's open of $92.22. Candlestick-chart followers believe this pattern suggests that after bears took the bulls' best shot, they launched a successful counterattack that have left bulls retreating. The XLV's decliners Monday were led by shares of managed care companies WellCare Health Plans Inc. WCG, -6.08% Anthem Inc. ANTM, -4.90% and Humana Inc. HUM, -4.59% Among some downside levels to watch are the 200-day moving average, which currently extends to $89.23, and the 61.8% Fibonacci retraceme
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