Clover Health Share Price Could Retest All-time Lows on Lack of Demand

Summary:

The Clover Health share price could face additional selling as lack of demand continues to limit any upside moves on the stock

Clover Health share price continues to trade within a tight range as investors await developments to impart some direction to the stock.

The unveiling of new Medicare Advantage plans for 2022 did little to impact the Clover Health share price. Part of the reason for the stock’s underperformance is that insiders hold the majority of the shares. With very little demand for the stock, the sentiment for Clover Health remains bearish.

The 7.56 resistance level is the limiting factor that has prevented the Clover Health share price from further ascent. If the bulls uncap this level, the 8.03 resistance comes into the picture. 8.85 and 9.94 are additional targets to the north which only become available if the bulls take out 8.03.

On the other hand, if the price activity breaks down the 7.13 support, the bears will have an opportunity to attempt a run towards the 6.49 price mark (19 May low). The 6.31 price mark (5 March low) is the only barrier preventing the bears from pushing the price to all-time lows.