Elevance Health Inc

ELV is in a Stage 3 distribution phase with declining moving averages and a broken support structure, establishing a bearish medium-term bias. However, extreme oversold readings and significant extension below moving averages caution against immediate selling. Optimal execution involves waiting for a pullback and rejection at prior support turned resistance—namely the 9/21 EMAs and 50 SMA—before initiating new short positions.

• ↑Q1 adjusted EPS $12.58 drove full-year guide to ≥$26.75 on favorable claims
• ↑Membership grew to 45.4M, expects ~1.2M additional members by Q2 end
• ↓Medicaid/Medicare rates lag elevated acuity, compressing margins