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

By Nick Russo

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. Yesterday's price range of $54.92 and $55.22 is within the prior day'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.

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.

In the past 52 weeks, shares of Cardinal Health have traded between a low of $41.03 and a high of $56.88 and closed yesterday at $54.54, which is 33% above that low price. The 200-day and 50-day moving averages have moved 0.24% higher and 0.24% higher over the past week, respectively.

Cardinal Health (NYSE:CAH) has potential upside of 15.3% based on a current price of $54.54 and analysts' consensus price target of $62.88. Cardinal Health shares have support at the 50-day moving average (MA) of $53.21 and additional support at the 200-day MA of $48.12.

SmarTrend is monitoring the recent change of momentum in Cardinal Health. Please refer to our Company Overview for the results of our proprietary technical indicators that have been scanning shares of Cardinal Health in search of a potential trend change.

Keywords: bearish am inside day candle Cardinal Health

Ticker(s): CAH