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Watch for Shares of WellPoint (WLP) to Approach Resistance at $63.09

Published on Thu, 03/07/2013 - 10:46
By Robert Cotter

Shares of WellPoint (NYSE:WLP) have bullishly opened above the pivot of $62.28 today and have reached the first resistance level of $62.81. Analysts will be watching for a cross of the next upside pivot targets of $63.09 and $63.90.

WellPoint Inc. is a health benefits company. The Company provides health benefits, dental and vision benefits, pharmacy benefits, life insurance, and life and disability insurance benefits. WellPoint operations include Blue Cross and Blue Shield plans.

In the past 52 weeks, shares of WellPoint have traded between a low of $52.52 and a high of $74.73 and are now at $62.69, which is 19% above that low price. The 200-day and 50-day moving averages have moved 0.08% lower and 0.15% higher over the past week, respectively.

Potential upside of 10.9% exists for WellPoint, based on a current level of $62.69 and analysts' average consensus price target of $69.50. The stock should hit resistance at its 50-day moving average (MA) of $62.92, as well as support at its 200-day MA of $61.28.

By Robert Cotter
rcotter@fnno.com