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

By Amy Schwartz

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 $69.95 and $70.51 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.

In the past 52 weeks, shares of Cardinal Health have traded between a low of $54.66 and a high of $85.52 and are now at $70.39, which is 29% above that low price. Over the last five market days, the 200-day moving average (MA) has gone down 0.2% while the 50-day MA has declined 0.3%.

Cardinal Health has overhead space with shares priced $70.39, or 10.5% below the average consensus analyst price target of $78.68. The stock should find initial resistance at its 50-day moving average (MA) of $82.60 and further resistance at its 200-day MA of $83.11.

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 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 inside day candle Cardinal Health

Ticker(s): CAH