WellCare Group (WCG) posted quarterly earnings that beat Wall Street consensus estimates and the stock soared above recent price resistance. Volume surged as traders accumulated the healthcare provider. The Dow Jones U.S. Health Care Providers Index ($DJUSHP) broke out recently and WCG has performed exceptionally well on a relative basis:
WCG broke its down channel a couple of weeks ago and has seen its SCTR (StockCharts Technical Rank) rising ever since. Tuesday's breakout was accompanied by the heaviest volume of 2017, suggesting that WCG is under accumulation. 185-190 should provide excellent price support on any retracement.