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

By Shiri Gupta

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 $80.53 and $80.75 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.

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.

Potential upside of 8.4% exists for CVS Caremark, based on a current level of $80.67 and analysts' average consensus price target of $87.43. The stock should find initial resistance at its 200-day moving average (MA) of $99.93 and further resistance at its 50-day MA of $101.40.

CVS Caremark share prices have moved between a 52-week high of $113.65 and a 52-week low of $69.30 and are now trading 16% above that low price at $80.67 per share. The 200-day and 50-day moving averages have moved 0.14% lower and 0.51% higher over the past week, respectively.

SmarTrend recommended that its subscribers protect gains by selling shares of CVS Caremark on August 30th, 2016 by issuing a Downtrend alert when the shares were trading at $92.74. Since that call, shares of CVS Caremark have fallen 12.9%. We are now looking for when a new Uptrend will commence and will alert SmarTrend subscribers in real time.

Keywords: bullish inside day candle CVS Caremark

Ticker(s): CVS