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

By James Quinn

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 $79.06 and $80.00 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 9.8% for shares of CVS Caremark based on a current price of $79.66 and an average consensus analyst 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 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.

Over the past year, CVS Caremark has traded in a range of $69.30 to $113.65 and is now at $79.66, 15% above that low. Over the past week, 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 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 14.8%. 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