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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. Today's price range of $72.83 and $73.24 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 14.6% exists for Cardinal Health, based on a current level of $72.98 and analysts' average consensus price target of $83.67. Cardinal Health shares should first meet resistance at the 50-day moving average (MA) of $82.60 and find additional resistance at the 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.

In the past 52 weeks, Cardinal Health share prices have been bracketed by a low of $62.70 and a high of $91.22 and are now at $72.98, 16% above that low price. Over the past week, the 200-day moving average (MA) has gone down 0.2% while the 50-day MA has declined 0.3%.

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