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Possible Bullish Inside Day Candle Pattern Detected for Cardinal Health (NYSE:CAH)

By Shiri Gupta

SmarTrend's candlestick scanner has spotted a possible bullish inside day candle pattern in Cardinal Health (NYSE:CAH) based on the price action in the company's shares. Yesterday's price range of $44.89 and $46.18 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. Traders and investors interested in shares of Cardinal Health may want to consider an appropriate entry level in the event a reversal to the upside transpires. It is important to look for confirmation.

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 $42.17 and a high of $66.45 and closed yesterday at $46.00, 9% above that low price. In the last five trading sessions, the 50-day moving average (MA) has fallen 0.6% while the 200-day MA has slid 0.2%.

Cardinal Health has overhead space with shares priced $46.00, or 26.8% below the average consensus analyst price target of $62.88. The stock should run into initial resistance at its 50-day moving average (MA) of $50.24 and subsequent resistance at its 200-day MA of $50.86.

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

Keywords: bullish am inside day candle Cardinal Health

Ticker(s): CAH