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

By Nick Russo

SmarTrend's candlestick scanner has spotted a possible bearish inside day candle pattern in Cvs Health Corp (NYSE:CVS) based on the price action in the company's shares. Today's price range of $62.68 and $63.10 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 Cvs Health Corp may want to consider a possible hedge in the event a pullback occurs. Look for confirmation in the next few trading days.

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.

Cvs Health Corp (NYSE:CVS) has potential upside of 37.6% based on a current price of $63.08 and analysts' consensus price target of $86.81. The stock should hit resistance at its 200-day moving average (MA) of $65.51, as well as support at its 50-day MA of $59.70.

Cvs Health Corp share prices have moved between a 52-week high of $77.03 and a 52-week low of $51.88 and are now trading 22% above that low price at $63.08 per share. Over the last five market days, the 200-day moving average (MA) has gone up 0.2% while the 50-day MA has declined 0.7%.

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

Keywords: bearish inside day candle cvs health corp

Ticker(s): CVS