Welltower Inc. - (WELL) - March 14, 2022
Welltower (WELL) a REIT which specializes in owning health care and senior living facilities, recently returned to the Green Favored Zone in the SIA S&P 500 Index Report and has climbed to its highest level since October. On Friday it finished in 50th place, up 11 positions on the day and up 103 spots in the last month.
A major breakout is underway in Welltower (WELL) shares. After steadily climbing up out of the March 2020 market bottom, Welltower had been stuck in a sideways trading range since May. Last week it broke through $90.00 to signal the start of a new advance which would be confirmed if the shares can close above their 2019 peak which was near $92.25.
Next potential upside resistance appears near the $100.00 round number, followed by $110.00 where two measured moves cluster. Initial support appears at the 50-day moving average near $84.60.
Back in December, a correction in Welltower (WELL) shares was contained by support dating back to 2019 and ended with a bullish Bear Trap reversal where it broke down by 1 row and then bounced back. Since then the shares nave been under renewed accumulation, breaking out last week to a new all-time high, and completing a bullish Spread Triple Top pattern which has signaled the start of a new upleg.
Based on vertical and horizontal counts, initial resistance could appear near $96.80, followed by a cluster between $115.70 and $120.35. The $100.00 round number could also potentially pose a challenge. Initial support appears near $82.60 based on a 3-box reversal.
With its bullish SMAX score increasing to a perfect 10, WELL is exhibiting strength across the asset classes.
Disclaimer: SIACharts Inc. specifically represents that it does not give investment advice or advocate the purchase or sale of any security or investment whatsoever. This information has been prepared without regard to any particular investors investment objectives, financial situation, and needs. None of the information contained in this document constitutes an offer to sell or the solicitation of an offer to buy any security or other investment or an offer to provide investment services of any kind. As such, advisors and their clients should not act on any recommendation (express or implied) or information in this report without obtaining specific advice in relation to their accounts and should not rely on information herein as the primary basis for their investment decisions. Information contained herein is based on data obtained from recognized statistical services, issuer reports or communications, or other sources, believed to be reliable. SIACharts Inc. nor its third party content providers make any representations or warranties or take any responsibility as to the accuracy or completeness of any recommendation or information contained herein and shall not be liable for any errors, inaccuracies or delays in content, or for any actions taken in reliance thereon. Any statements nonfactual in nature constitute only current opinions, which are subject to change without notice.