Here is why Technicals Are a BEAR on CVS Health Corporation (NYSE:CVS)

CVS Health Corporation (NYSE:CVS) gained 1.04% in yesterday’s session, going up from its prior closing price of $80.07 to $80.90 The stock price went upward in 6 of the last 10 days and has generated 1.68% during the last two weeks. The upbeat movement of both volume and price during the recent session is interpreted as a good sign, and, overall 1.72 million more shares exchanged hands compared with prior day. In total, 6.06 M shares exchanged hands for about $490.29 million.

Inside CVS’s Recent Trend

CVS Health Corporation (CVS) lies in the middle of a weak rising trend in the short term and issued considerable signs about additional rally. Short-term traders are predicted to see a rally of 4.52% over the course of a quarter and, with 90% chance the price will be floating in the range of $80.42 and $87.85 in this timeframe.

CVS Health Corporation Technical Signals

CVS has witnessed its short term MA triggering a sell signal. Meanwhile, however, the long-term average has generated a buy signal. When the short-run moving average rises above its longer-term trend, a buy signal is created. This is because a short-run moving average that crosses its long-run moving average counterpart is seen as the initiation of an upward trend. On additional rally, the share price will meet short term resistance at around $80.96. On a drop, the stock is likely to find some support over the long run, which begins at $79.69. A buy signal will be generated if it crosses above the short term moving average. Meanwhile, however, a price crossing below the long term moving average will generate a sell signal. Its pivot point low generated buy signal on Wednesday October 04, 2017, which calls for additional surge until the stock forms a new pivot point high. There was increase in both volume and price. This is usually interpreted as a good sign as traders widely believe rising stock should see increasing volume.

CVS Health Corporation (NYSE:CVS) Support And Resistance Levels

CVS Health Corporation (CVS) recorded volume accumulation so there will probably be a surplus of buyers at $80.70. In case of gains, the next resistance from accumulated volume will not be far away from today’s level at $82.43, $83.08 and $83.17.

Accumulated volume is going to prevent the price from rising further at $82.43 and this action will lead the price to take a temporary pause or stay muted for a few days.

CVS Health Corporation (CVS) Risk Assessment

The number of shares changed hands in the stock is good, indicating the interest and low risk associated with it. In the most recent session, the stock price hovered around $0.89 (1.11%) between intraday high and intraday low. Each day in the past 1 week, the average volatility remained at 1.14%.

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