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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 $94.10 and $94.45 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.

CVS Caremark (NYSE:CVS) has potential upside of 23.3% based on a current price of $94.21 and analysts' consensus 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.

Over the past year, CVS Caremark has traded in a range of $81.37 to $113.65 and is now at $94.21, 16% above that low. Over the last five market days, the 200-day moving average (MA) has remained constant while the 50-day MA has advanced 0.5%.

SmarTrend recommended that its subscribers protect gains by selling shares of CVS Caremark on May 23rd, 2016 by issuing a Downtrend alert when the shares were trading at $98.82. Since that call, shares of CVS Caremark have fallen 4.8%. 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