CAH breaks below prior session low
Cardinal Health Inc. (CAH) Technical Analysis Report for Aug 10, 2018 | by Techniquant Editorial Team
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 Candlestick Chart (CAH as at Aug 10, 2018):
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.
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.
The trend is clearly bearish, showing an intact downtrend in the short, medium and long-term.
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.