HCA Healthcare delivered a better performance in the quarter that ended in June 2023, exceeding the analysts’ forecasts. The HCA stock reported a revenue that was 1.47% above the estimate and an EPS that was 1.02% higher, indicating growth of the company.
The company also revealed its outlook for the upcoming quarter, which is near its end. It is projecting a revenue of $15.822 Billion and an EPS of $3.978. The next earnings report will be published on October 24th, 2023, which is around the corner.
At the time of publishing, HCA stock price was $327.74 with an intraday minor gain of 0.64%; trading near the major 20-day EMA, showing positivity on the charts. Moreover, the intraday trading volume of HCA is 1.125 Million higher than the 10-day aggregate volume of 1.21 Million.
According to the HCA Healthcare Inc. (NYSE: HCA) price action, it exhibits a strong potential for a substantial ascent, with potential enhancement in price for the subsequent sessions.
The HCA stock price ascended from the $58 support level in March 2020 and offered investors remarkable growth in the past three years. As the buyers invested heavily and trusted the stock, it propelled the price to attain a peak of $304 on June 29th, 2023, by forming an uptrend by establishing higher highs and lows on the charts.
The HCA stock encountered resistance and commenced to descend as investors withdrew their profits from the market. Despite the positive earnings outcomes and consistent dividend disbursements of the HCA stock, the sell-off persisted and resulted in a considerable decline in the price. This signified a feeble performance on the charts for the price in the past three months.
However, the stock has exhibited a sign of recovery as the HCA price rebounded from the $235 demand zone and tried to preserve its position on the charts and soon surge upwards. The upcoming earnings are imminent as they will be disclosed on October 24th, 2023.
Therefore, if the HCA stock can allure strong buying momentum and breach above the previous swing high, it can instigate a rally upwards. The potential resistance levels are between $253 and $266.
On the contrary, if the HCA stock confronts resistance again and continues to plummet by breaking the demand zone and falls below $235, it could drop to $227.
Besides, the stock ratings for HCA stock are also favorable and strongly recommended based on 23 analysts who have evaluated the stock in the last three months. The 1-year price forecasts for HCA stock by 20 analysts range from $275 to $350.
Will HCA Stock Sky Rocket on Earnings Day?
The price of HCA Healthcare Inc. (NYSE: HCA) bounced back from around $235 and moved upwards, trading close to 20 EMA and soon crossing over major EMAs. Therefore, if it allures more buying volume in the HCA price in moving upwards, the HCA stock may overcome major resistance levels and might initiate an upward rally.
The MACD is at 5.21 below the zero line indicating a bullish cross and shows bullishness as the histogram width is broadening in the MACD tool. The RSI is at 43.19 as it took support on 14 SMA which is at 35.98. The indicators in the HCA stock show positive signs on the charts.
Summary
HCA Healthcare Inc. (NYSE: HCA) chart shows that the share price has a positive and bullish sentiment on the 1-D timeframe. The price action indicates a bullish outlook at the time of publishing as it has taken support from the demand zone where the price tried to take support multiple times. The technical analysis tools of the HCA stock price point to upward signals and indicate bullishness.
Technical Levels
Support Levels: $235 and $227
Resistance Levels: $253 and $266
Disclaimer
In this article, the views, and opinions stated by the author, or any people named are for informational purposes only, and they don’t establish the investment, financial, or any other advice. Trading or investing in cryptocurrency assets comes with a risk of financial loss.
Steve Anderson is an Australian crypto enthusiast. He is a specialist in management and trading for over 5 years. Steve has worked as a crypto trader, he loves learning about decentralisation, understanding the true potential of the blockchain.
Source: https://www.thecoinrepublic.com/2023/10/20/hca-stock-will-nyse-hca-sustain-rise-from-support-zone/