HCA Healthcare (HCA) advanced in recent intraday trading, continuing to benefit from its earlier breakout above a major short-term descending trendline. The stock has since successfully retested that trendline as a new support level, helping it regain positive momentum and strengthening the prospects for an extension of the current corrective rally. Additional support comes from the stock's continued trading above its 50-day Simple Moving Average (SMA), which is acting as dynamic support. Meanwhile, momentum indicators are beginning to form a bullish crossover after the stock successfully worked off part of its overbought conditions, providing additional room for further gains.
Therefore, our outlook remains bullish for the stock's upcoming trading sessions, as long as support at $390.00 remains intact. Under this scenario, the stock is expected to target its first resistance level at $429.50.
Today's price forecast: Bullish.