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

By Shiri Gupta

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. Today's price range of $53.99 and $53.99 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 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.

Over the past year, Cvs Health Corp has traded in a range of $51.77 to $82.15 and is now at $53.99, 4% above that low. Over the past week, the 200-day moving average (MA) has gone down 0.4% while the 50-day MA has declined 1.3%.

Cvs Health Corp (NYSE:CVS) has potential upside of 60.8% based on a current price of $53.99 and analysts' consensus price target of $86.81. The stock should run into initial resistance at its 50-day moving average (MA) of $58.20 and subsequent resistance at its 200-day MA of $68.45.

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

Keywords: bearish inside day candle cvs health corp

Ticker(s): CVS