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UnitedHealth Group's stock may not be as badly as it seems, depending on one investor.
"Ultimately, the 50-day moving average crossed the 200-day moving average in February." This is the death cross, "Baruch continued. "I'm going to get out of the way of this for now."
He does like the stock of Johnson & Johnson, however, noting that it's managed to hold up its trend line from 2016.
"There is solid momentum, with the 50-day moving average crossing over the 200 in February," he said. "So, ultimately, if we close up here and make new highs, I think this is going to be a tailwind, and you're going to see some momentum higher."
Shares of UnitedHealth made a 52-week low on Tuesday, ending the day down about 4%. UnitedHealth was up nearly 1 percent in Wednesday's premarket. Johnson & Johnson 's stock closed about 1% higher. It was slightly higher in Wednesday's premarket.
Disclosure: Gradient Investments owns shares of UnitedHealth and Johnson & Johnson in its portfolios.
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