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Possible Bearish Inside Day Candle Pattern Detected for CVS Caremark (NYSE:CVS)

By David Diaz

SmarTrend's candlestick scanner has spotted a possible bearish inside day candle pattern in CVS Caremark (NYSE:CVS) based on the price action in the company's shares. Today's price range of $97.06 and $97.93 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 CVS Caremark may want to consider a possible hedge in the event a pullback occurs. Look for confirmation in the next few trading days.

CVS Caremark share prices have moved between a 52-week high of $113.65 and a 52-week low of $81.37 and are now trading 20% above that low price at $97.63 per share. The 200-day and 50-day moving averages have moved 0.14% lower and 0.51% higher over the past week, respectively.

CVS Caremark Corporation is a pharmacy services company that operates a chain of drugstores located throughout the United States. The stores offer a wide range of branded and generic drugs, as well as household goods. CVS also operates photo labs at its locations.

Potential upside of 19.0% exists for CVS Caremark, based on a current level of $97.63 and analysts' average consensus price target of $116.20. The stock should find initial resistance at its 200-day moving average (MA) of $99.93 and further resistance at its 50-day MA of $101.40.

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

Keywords: bearish inside day candle CVS Caremark

Ticker(s): CVS