On January 28th, 2022, we reviewed Signify Health and saw it was trending down while having its best respected resistance lines accompanying from above.
Here’s the weekly chart SGFY printed then:
The body and wick resistance lines were established in July and August of 2021 and created a ceiling around the $15 price point.
In mid February the stock challenged $15, however it was rejected by the EMA resistance lines.
We revisited SGFY two weeks ago, on March 4th, 2022. We saw that the stock broke above $15 and pushed the respected resistance lines slightly up. Still, $15 held as a firm resistance area and the stock retreated.
Here’s the chart view as of March 4th:
Signify Health’s stock did not give up. In the two weeks that followed it broke through the resistance lines, retested them, and continued to trade higher. Classic break out move.
The stock closed last week with a trade at $17.63:
SGFY after breaking out, daily chart