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Possible Bearish Inside Day Candle Pattern Detected for Cardinal Health (NYSE:CAH)

By Shiri Gupta

SmarTrend's candlestick scanner has spotted a possible bearish inside day candle pattern in Cardinal Health (NYSE:CAH) based on the price action in the company's shares. Today's price range of $53.04 and $53.68 is within yesterday's high and low of the day. This trading action often signifies indecision by bulls and bears to drive prices higher or lower and often implies a possible change in trend. Owners of Cardinal Health may want to consider a possible hedge in the event a pullback occurs. Look for confirmation in the next few trading days.

Potential upside of 18.3% exists for Cardinal Health, based on a current level of $53.14 and analysts' average consensus price target of $62.88. Cardinal Health shares have support at the 50-day moving average (MA) of $48.16 and additional support at the 200-day MA of $47.51.

In the past 52 weeks, shares of Cardinal Health have traded between a low of $41.03 and a high of $58.31 and are now at $53.14, which is 30% above that low price. In the last five trading sessions, the 50-day moving average (MA) has climbed 2.1% while the 200-day MA has risen 0.2%.

Cardinal Health, Inc. provides complementary products and services to healthcare providers and manufacturers. The Company's services include pharmaceutical distribution, health-care product manufacturing, distribution and consulting services, drug delivery systems development, pharmaceutical packaging, automated dispensing systems manufacturing, and retail pharmacy franchising.

SmarTrend is tracking the current trend status for Cardinal Health and will alert subscribers who have CAH in their portfolio or watchlist when shares have changed trend direction.

Keywords: bearish inside day candle Cardinal Health

Ticker(s): CAH