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SmarTrend Watching for Potential Pullback in Shares of Cardinal Health After 2.04% Gain

By Nick Russo

Cardinal Health (NYSE:CAH) traded in a range yesterday that spanned from a low of $54.05 to a high of $54.92. Yesterday, the shares gained 2.0%, which took the trading range above the 3-day high of $54.20 on volume of 1.6 million shares. Often times after large one-day gains, short term traders will seek to take profits and, as such, investors should be cautious.

Cardinal Health share prices have moved between a 52-week high of $80.37 and a 52-week low of $50.79 and are now trading 8% above that low price at $54.81 per share. The 200-day and 50-day moving averages have moved 0.29% lower and 0.88% lower over the past week, respectively.

SmarTrend recommended that its subscribers protect gains by selling shares of Cardinal Health on March 20th, 2018 by issuing a Downtrend alert when the shares were trading at $67.74. Since that call, shares of Cardinal Health have fallen 20.9%. We are now looking for when a new Uptrend will commence and will alert SmarTrend subscribers in real time.

Keywords: rebounders Cardinal Health

Ticker(s): CAH