UNH Options Signal Bullish Bias Amid Bearish Technicals: Key Strikes to Watch for January 2 Expiry

• UnitedHealth Group (UNH) trades at $331.83, up 0.88% intraday but below its 200D moving average of $351.02
• Call open interest dominates (put/call ratio: 0.52), with heavy demand for $340–$350 calls expiring Jan 2
• Bollinger Bands and Kline patterns suggest short-term bearish momentum, but options data hints at a potential rebound

The tension is clear: UNH’s technicals point south, but options traders are betting hard on a rebound. Let’s break down why this setup matters—and where to position for it.Bullish Options Pressure vs. Bearish Price Action

Options market sentiment is leaning sharply bullish. This Friday’s $340 call (UNH20260102C340) has 3,353 open contracts—the highest of any OTM strike—while the $350 call (UNH20260102C350) adds another 2,690. That’s not just noise; it’s a vote of confidence from institutional players. On the downside, puts at $315 (UNH20260102P315) and $320 (UNH20260102P320) show defensive positioning, but their open interest (2,848 and 1,638) pales next to the call frenzy.

Here’s the catch: technicals tell a different story. The MACD (-0.74) and bearish Kline pattern suggest downward momentum could persist. But options data implies a counterattack is brewing. If the $340 call’s liquidity materializes, it could create a self-fulfilling prophecy—traders buying the dip at that level. The risk? If price fails to hold above $323.5 support, the bearish bias wins.

No News, But Quiet Could Work in Your Favor

With no recent headlines to sway sentiment, the market is pricing in outcomes, not news. That’s both a blessing and a trap. Without external catalysts, UNH’s move will hinge on options expiration dynamics. The heavy call open interest at $340–$350 could attract gamma squeezes if the stock rallies, but only if volume cooperates. Right now, volume sits at 2.4M—modest for a healthcare giant, suggesting retail or smaller institutional players are driving this setup.

Actionable Trades: Calls for Aggressives, Puts for Cautious

For options traders:

• Bullish Play: Buy UNH20260102C340 (strike $340, Jan 2 expiry). Rationale: High open interest creates liquidity; if price breaks above $336.12 intraday high, this strike could ignite.
• Bearish Hedge: Buy UNH20260102P315 (strike $315, Jan 2 expiry). Rationale: Protect against a breakdown below Bollinger lower band ($318.50).

For stock traders:

• Entry Near $323.5 Support: If UNH holds above this 30D support level, consider buying dips near $324.
• Target Zones: $340–$345 if calls gain traction; $310–$315 if bears reclaim control.

Volatility on the Horizon: Positioning for January Moves

This is a classic battle between options-driven optimism and technical bearishness. The key will be whether UNH can close above $336.12 (intraday high) to validate the call buyers’ thesis—or collapse below $318.50 (Bollinger lower) to confirm the downtrend. Either way, the heavy open interest at $340 and $315 creates clear inflection points.

Stay nimble. If the stock whipsaws between these levels, consider straddles or iron condors to capitalize on volatility. But if you’re directional, pick your side—and stick to tight stops. The next seven days could define UNH’s 2026 trajectory.