CAH breaks below prior session low


Cardinal Health Inc. (CAH) Technical Analysis Report for Aug 10, 2018 [1 min read]
Highlights
CAH tanks -1.96% closing $0.97 lower
CAH breaks key support level
CAH dominated by bears dragging the market lower throughout the day
CAH ends the day on a bearish note closing near the low of the day
CAH runs into sellers again around 49.44
TQ Sentiment
Report Sentiment: 85% Bearish
Technical Forecast:
Overview

CAH finished the week -3.78% lower at 48.40 after tanking $0.97 (-1.96%) today. This is the biggest single day loss in over two days. Today's closing price of 48.40 marks the lowest close since July 9, 2013. The bears were in full control today, moving the market lower throughout the whole session. Closing below Thursday's low at 48.82, the market confirms its breakout through the previous session's low having traded $0.53 below it intraday. Ending with a weak close near the low of the day sets a bearish note for the next session.

Daily chart for CAH
Volatility

Friday's trading range was $1.15 (2.33%), that's slightly above last trading month's daily average range of $1.14. Weekly volatility is also higher, being slightly above the markets average with the monthly volatility being slightly below average.

Support/Resistance

Breaking below the key support level at 48.85 today, it is now likely to act as resistance going forward. After having been unable to move above 49.54 in the prior session, the stock ran into sellers again around the same price level today, failing to move higher than 49.44.

Trend

The trend is clearly bearish, showing an intact downtrend in the short, medium and long-term.

Order Flow

With prices trading close to this year's low at 48.14, downside momentum could speed up should the share break out to new lows for the year.

Conclusion

While classical technical analysis indicates a very bearish sentiment for the next trading day, our quantitative statistics show a different picture being bullish.

Market Conditions for Cardinal Health Inc.
Condition Forecast Direction Win Avg Worst Best Events
Close to R1 Resistance TQ Pro Members Only
Strong Up Move TQ Pro Members Only
Decisive Up Move TQ Pro Members Only
White Candle TQ Pro Members Only
Close to S1 Support TQ Pro Members Only
More market conditions identified for TQ Pro members...
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Latest Report:

CAH surges 2.87% closing $1.45 higher

Aug 17, 2018
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