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

By David Diaz

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 $51.42 and $51.66 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.

Potential upside of 23.0% exists for Cardinal Health, based on a current level of $51.10 and analysts' average consensus price target of $62.88. Cardinal Health shares should encounter resistance at the 50-day moving average (MA) of $52.92 and support at its 200-day MA of $48.35.

Over the past year, Cardinal Health has traded in a range of $41.03 to $56.88 and closed yesterday at $51.10, 25% above that low. The 200-day and 50-day moving averages have moved 0.18% higher and 0.44% lower over the past week, respectively.

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.

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