• Return to Headlines

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

By Nick Russo

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 $53.15 and $53.43 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.

Cvs Health Corp has overhead space with shares priced $53.29, or 38.6% below the average consensus analyst price target of $86.81. The stock should run into initial resistance at its 50-day moving average (MA) of $54.37 and subsequent resistance at its 200-day MA of $66.93.

In the past 52 weeks, Cvs Health Corp share prices have been bracketed by a low of $51.77 and a high of $82.15 and are now at $53.29, 3% 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 remained constant.

SmarTrend is tracking the current trend status for Cvs Health Corp and will alert subscribers who have CVS in their portfolio or watchlist when shares have changed trend direction.

Keywords: bearish inside day candle cvs health corp

Ticker(s): CVS