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Possible Bullish Inside Day Candle Pattern Detected for CVS Caremark (NYSE:CVS)

By Nick Russo

SmarTrend's candlestick scanner has spotted a possible bullish inside day candle pattern in CVS Caremark (NYSE:CVS) based on the price action in the company's shares. Today's price range of $97.14 and $97.69 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. Traders and investors interested in shares of CVS Caremark may want to consider an appropriate entry level in the event a reversal to the upside transpires. It is important to look for confirmation.

There is potential upside of 19.2% for shares of CVS Caremark based on a current price of $97.44 and an average consensus analyst price target of $116.20. The stock should run into initial resistance at its 200-day moving average (MA) of $99.93 and subsequent resistance at its 50-day MA of $101.40.

CVS Caremark Corporation is a pharmacy services company that operates a chain of drugstores located throughout the United States. The stores offer a wide range of branded and generic drugs, as well as household goods. CVS also operates photo labs at its locations.

In the past 52 weeks, CVS Caremark share prices have been bracketed by a low of $81.37 and a high of $113.65 and are now at $97.44, 20% above that low price. Over the past week, the 200-day moving average (MA) has remained constant while the 50-day MA has advanced 0.5%.

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

Keywords: bullish inside day candle CVS Caremark

Ticker(s): CVS