Clover Health Share Price Continues to Struggle Following Higher Cost Per Premiums Ratios

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Written By: Eno Ikenna Eteng

Dec 10, 2021, 16:08 GMT 16:08

Summary:

Clover health share price continues to face additional pressures as buyers fail to deliver any solid momentum to the stock since early November.

Clover Health is slightly higher this Friday, as bulls struggle to break the limitations imposed by the steep fall of the stock in November.

The Clover Health share price fell more than 33% in November alone, as costs per premiums earned rose 86.7% on a year-on-year basis to 102.5%. Despite the improved top-line numbers, investors will not be amused by any situation where a company is spending more than it earns.

The Clover share price continues to struggle to generate upside momentum, with only five winning sessions in eighteen, all with low trading volumes. The price is presently down 0.22% as of writing.

The price action is now trading in the range between 4.03 and 5.17. A break above 5.17 targets 6.49 (19 May and 17 November). 7.13 and 8.03 are additional price targets to the north if the recovery move is extensive.

On the other hand, a decline below 4.03 ushers in new lows, targeting 2.87 and 2.28 (141.4% and 161.8% Fibonacci extension levels) as potential downside targets. Otherwise, the price may keep trading in the range if the ceiling and floor of the range remain intact.

Clover Health: Daily Chart

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This post was last modified on Dec 10, 2021, 16:08 GMT 16:08

Written By: Eno Ikenna Eteng

Eno's work as a technical analyst and author since 2009 is well recognized in the industry and on several freelance platforms. He is also a member of the prestigious UK Society of Technical Analysts and a top-ranked participant in the Basic Investment Banking and Asset Management simulations with Amplify Trading.