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Possible Bearish Inside Day Candle Pattern Detected for Cardinal Health (NYSE:CAH)

By Amy Schwartz

SmarTrend's candlestick scanner has spotted a possible bearish inside day candle pattern in Cardinal Health (NYSE:CAH) based on the price action in the company's shares. Today's price range of $59.92 and $60.39 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. Owners of Cardinal Health may want to consider a possible hedge in the event a pullback occurs. Look for confirmation in the next few trading days.

Potential upside of 4.9% exists for Cardinal Health, based on a current level of $59.92 and analysts' average consensus price target of $62.88. The stock should find initial support at its 50-day moving average (MA) of $53.65 and further support at its 200-day MA of $48.98.

Cardinal Health, Inc. provides complementary products and services to healthcare providers and manufacturers. The Company's services include pharmaceutical distribution, health-care product manufacturing, distribution and consulting services, drug delivery systems development, pharmaceutical packaging, automated dispensing systems manufacturing, and retail pharmacy franchising.

Cardinal Health share prices have moved between a 52-week high of $60.69 and a 52-week low of $41.03 and are now trading 46% above that low price at $59.92 per share. In the last five trading sessions, the 50-day moving average (MA) has climbed 0.6% while the 200-day MA has risen 0.3%.

SmarTrend is tracking the current trend status for Cardinal Health and will alert subscribers who have CAH in their portfolio or watchlist when shares have changed trend direction.

Keywords: bearish inside day candle Cardinal Health

Ticker(s): CAH