CVS Health Corporation (NYSE:CVS) Technical Analysis and Chart Patterns

CVS Health Corporation (NYSE:CVS) fell by -1.08% in Wednesday’s trading session from $74.71 to $73.90. The price has fallen in 6 of the last 10 days and is down by -9.29% over the same course of time. There was a decrease in both volume and price. This is usually interpreted as a good sign as traders widely believe falling stock should see declining volume. Traded activity experienced a fall of -3.67 million shares and in total 7.03 M shares exchanged hands for about $519.29 million.

Inside CVS’s Recent Trend

CVS Health Corporation (CVS) has broken the weak rising short-term trend down. This signalize a slower rising rate, but may also be an early warning about a possible trend shift. Due to trend being broken there will now be resistance at the bottom line of the trend at $76.27. A reaction back to this level may hold a second chance to get out before further falls.

CVS Health Corporation Technical Signals

CVS has witnessed its long term and short term MA triggering a sell signal. Many traders watch for long-term averages to cross above short-term averages to signal the beginning of a downtrend. Upon corrections, the price will meet resistance from the averages between $77.39 and $79.35. A buy signal will be generated if it crosses above any of these levels. Its pivot point high generated sell signal on Tuesday September 26, 2017, which calls for additional declines until the stock forms a new pivot point low, as this could be a buying opportunity. The downbeat movement of both volume and price during the recent session is interpreted as a good sign because traders usually believe falling stock should see declining volume.

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

There is no support from accumulated volume below today’s level and given the right condition the stock may perform very badly in the next couple of days. In case of gains, the next resistance from accumulated volume will not be far away from today’s level at $74.30, $74.71 and $76.92.

Accumulated volume is going to prevent the price from rising further at $74.30 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 $1.19 (1.61%) between intraday high and intraday low. Each day in the past 1 week, the average volatility remained at 3.09%.

CVS Health Corporation is in oversold territory based on Relative Strength Index reading (28). In some cases it takes more time for the trend to shift while the stock is being oversold and the Relative Strength Index keeps moving.

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