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Possible Bullish Inside Day Candle Pattern Detected for Cvs Health Corp (NYSE:CVS)

By David Diaz

SmarTrend's candlestick scanner has spotted a possible bullish inside day candle pattern in Cvs Health Corp (NYSE:CVS) based on the price action in the company's shares. Yesterday's price range of $68.27 and $68.45 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 Cvs Health Corp 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 Health Corp has overhead space with shares priced $66.80, or 23.0% below the average consensus analyst price target of $86.81. Cvs Health Corp shares should encounter resistance at the 50-day moving average (MA) of $73.70 and support at its 200-day MA of $62.91.

CVS Health Corporation is an integrated pharmacy health care provider. The Company's offerings include pharmacy benefit management services; mail order, retail and specialty pharmacy; disease management programs; and retail clinics. The Company operates drugstores throughout the U.S., the District of Columbia, and Puerto Rico.

Over the past year, Cvs Health Corp has traded in a range of $51.77 to $77.03 and closed yesterday at $66.80, 29% above that low. In the last five trading sessions, the 50-day moving average (MA) has fallen 0.5% while the 200-day MA has risen 0.4%.

SmarTrend is monitoring the recent change of momentum in Cvs Health Corp. Please refer to our Company Overview for the results of our proprietary technical indicators that have been scanning shares of Cvs Health Corp in search of a potential trend change.

Keywords: bullish am inside day candle cvs health corp

Ticker(s): CVS