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

By James Quinn

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 $45.30 and $45.98 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.

Over the past year, Cardinal Health has traded in a range of $42.17 to $58.31 and closed yesterday at $45.98, 9% above that low. Over the past week, the 200-day moving average (MA) has remained constant while the 50-day MA has declined 0.3%.

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.

Potential upside of 36.7% exists for Cardinal Health, based on a current level of $45.98 and analysts' average consensus price target of $62.88. The stock should run into initial resistance at its 50-day moving average (MA) of $47.83 and subsequent resistance at its 200-day MA of $50.62.

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