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Possible Bearish Inside Day Candle Pattern Detected for Cvs Health Corp (NYSE:CVS)

By Amy Schwartz

SmarTrend's candlestick scanner has spotted a possible bearish inside day candle pattern in Cvs Health Corp (NYSE:CVS) based on the price action in the company's shares. Yesterday's price range of $55.79 and $56.53 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 Cvs Health Corp may want to consider a possible hedge in the event a pullback occurs. Look for confirmation in the next few trading days.

CVS Health Corporation is an integrated pharmacy health care provider. The Company's offerings include pharmacy benefit management services; mail order, retail and specialty pharmacy; disease management programs; and retail clinics. The Company operates drugstores throughout the U.S., the District of Columbia, and Puerto Rico.

There is potential upside of 55.3% for shares of Cvs Health Corp based on a current price of $55.88 and an average consensus analyst price target of $86.81. Cvs Health Corp shares should first meet resistance at the 50-day moving average (MA) of $63.09 and find additional resistance at the 200-day MA of $69.89.

Over the past year, Cvs Health Corp has traded in a range of $51.93 to $82.15 and closed yesterday at $55.88, 8% above that low. In the last five trading sessions, the 50-day moving average (MA) has fallen 1.3% while the 200-day MA has slid 0.3%.

SmarTrend recommended that its subscribers protect gains by selling shares of Cvs Health Corp on February 25th, 2019 by issuing a Downtrend alert when the shares were trading at $61.75. Since that call, shares of Cvs Health Corp have fallen 8.4%. We are now looking for when a new Uptrend will commence and will alert SmarTrend subscribers in real time.

Keywords: bearish am inside day candle cvs health corp

Ticker(s): CVS