Welltower stock (NYSE: WELL) price showed an inclined move that escaped the neckline of $80 in the last trading sessions, thereby showcasing the strength of the buyers. Moreover, the buyers continued to make long positions and accumulated more of the stock to extend the uptrend.
Recently, the stock was hovering in a correction phase and retested the support level near its 200-day EMA mark but rebounded from there, once again showing the increased presence of buyers’ presence in the market. Furthermore, the price action still shows higher highs and higher lows on the charts, suggesting that the stock is bullish and unwilling to cool off.
The chart structure indicates that buyers are ruling the trend, and the stock is gradually approaching $100, which will probably be attained soon. Additionally, the sellers find themselves in a defensive position following the significant vertical surge in the past few trading sessions, surpassing multiple resistance levels above $80.
Welltower OP LLC owns a diversified healthcare portfolio of over 1,800 in-place properties across the senior housing, medical office, and skilled nursing/post-acute care sectors. The portfolio includes over 100 properties in Canada and the United Kingdom and the company is looking for additional investment opportunities in countries with mature healthcare systems that operate similarly to the United States.
At press time, WELL stock is trading at $81.47 with an intraday gain of 0.72%, showing bullishness on the charts. Furthermore, the trading volume is 968.934K, and the market cap is $40.493 billion.
WELL Stock Roadmap to $100?
On the daily charts, WELL stock is gradually riding the uptrend and shifting the gains towards the overbought region near $85.Moreover, buyers are gearing up to propel the rally towards the significant range of $100, which represents a crucial level to be retested and investors are displaying a strong willingness to pursue this upward movement.
The Fib levels show that WELL stock surpassed the 50% level and is near the 61.8% level, which exists near $83. Should the stock exceed this level, it is expected to experience a significant upside, with the potential for the rally to extend further towards the price target of $87.
What Technical Indicators Say
On the 4-hour chart, WELL stock maintains its trading activity within the ascending parallel channel, demonstrating a strong upward trend. It has decisively gained momentum, propelling the uptrend towards the price targets of $100.
The RSI curve is floating near 60 in the overbought zone, forming a positive crossover on the charts.
The MACD indicator also shows a bullish crossover and forms green bars on the histogram, indicating a positive outlook.
Conclusion:
Welltower (WELL Stock) has successfully rebounded from the demand zone around $55 in recent sessions, displaying a regained bullish sentiment. The stock is now poised to pursue further upside potential.
Technical Levels:
Support Levels: $75
Resistance Levels: $85 and $90
Disclaimer
The views and opinions stated by the author, or any people named in this article, are for informational purposes only and do not establish financial, investment, or other advice. Investing in or trading crypto assets comes with a risk of financial loss.
Andrew is a blockchain developer who developed his interest in cryptocurrencies while his post-graduation. He is a keen observer of details and shares his passion for writing along with being a developer. His backend knowledge about blockchain helps him give a unique perspective to his writing
Source: https://www.thecoinrepublic.com/2023/07/05/well-stock-surges-within-rising-channel-targets-100/