Robert Musella wrote a post · Nov 24, 2024 05:30

$HIMS

Bullish Report on HIMS (Hims & Hers Health Inc.)

Overview

Hims & Hers Health (HIMS) has been a standout performer in 2024, delivering an impressive 194.94% year-to-date return. The company has demonstrated significant growth momentum, driven by strong fundamentals and increasing investor confidence. The recent technical breakout highlights continued upside potential for the stock.

Current Price Analysis

• Current Price (Nov 22, 2024): $25.33
• Daily Change: +$1.18 (+4.89%)
• Post-Market Price: $25.30 (-0.12%)

The stock is trading well above its key moving averages:

• 20-Day MA: $22.67 (Support)
• 250-Day MA: $15.69 (Long-term Support)

This positioning signals strong bullish momentum and a well-established uptrend.

Key Technical Levels

• Resistance Levels:
• $26.25: Minor resistance from recent price action.
• $30.44: 52-week high and key breakout level.
• Support Levels:
• $22.67: 20-day moving average.
• $19.27: Historical support zone from previous consolidation.
• Bollinger Bands:
• Upper Band: $27.95
• Lower Band: $17.40

The price nearing the upper Bollinger Band indicates strong bullish momentum, with room for further upside if volume persists.

Momentum Indicators

• RSI (Relative Strength Index):
• Current: 60.49
The RSI is in the bullish zone but not yet overbought, suggesting additional upside is likely before any correction.
• Parabolic SAR:
• Current SAR value is at $28.35, reinforcing the stock’s upward trend.

Volume

The trading volume on Nov 22 was 17.47M, significantly higher than the average daily volume. Strong volume accompanying the price increase indicates robust investor interest and confidence in the stock.

Bullish Case

1. Breakout Potential:
HIMS is approaching its 52-week high of $30.44. A sustained move above $30 could trigger a significant rally, with potential upside to $35 in the near term.
2. Market Sentiment:
Positive sentiment surrounding healthcare technology stocks and strong fundamentals for HIMS provide a favorable macroeconomic tailwind.
3. Technical Setup:
The stock’s bullish alignment of moving averages, RSI, and Parabolic SAR suggests continuation of the uptrend. As long as the price holds above $22.67, the bullish case remains intact.

Price Targets

• Short-Term (1–2 Weeks):
• Bullish Target: $28
• Breakout Target: $30.50
• Medium-Term (1–3 Months):
• Bullish Target: $35
• Aggressive Target: $40

Risk Factors

While the technical and fundamental outlook is strong, investors should monitor:

• Resistance at $30.44. A failure to break above this level may lead to short-term consolidation.
• Broader market volatility (Nasdaq) which could impact HIMS’s momentum.

Conclusion

HIMS is poised for continued gains, supported by strong technicals and growing investor confidence. With a breakout above $30, the stock could quickly rally toward $35-$40, offering substantial upside for both short- and medium-term investors.

This is an excellent opportunity for bullish traders to capitalize on the momentum while maintaining stop-loss levels around $22.50 to manage risk.

Disclaimer: Community is offered by Moomoo Technologies Inc. and is for educational purposes only. Read more

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Robert Musella

Creator of The Roman Sun Tzu Method™ 25+ Years Investing in Disruptors | Focused on AI, Space, EVs, Renewables&Quantum

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